Saturday, October 6, 2018

29th Street Capital Acquires River Blu Apartments; Firm’s Fifth Sacramento Acquisition


River Blu Apartmnts, La Riviera Submarket, Sacramento, CA



Sacramento, CA– 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired River Blu Apartments, a 417-unit multifamily community located in the La Riviera submarket of Sacramento.

The transaction closed September 28. The sale price was not disclosed.


Casey Davis
29SC plans to invest approximately $4.3 million in capital improvements focusing primarily on unit renovations, clubhouse upgrades and amenity enhancements.

Kitchens will get stainless steel appliances, vinyl flooring and upgraded cabinets. Bathroom upgrades are expected as well.

“The purchase of River Blu Apartments marks our fifth acquisition in Sacramento,” said Casey Davis, Senior Vice President of Acquisitions in Northern California. “With the continued expansion of our Sacramento portfolio, we will be able to lower operating costs and maximize management efficiencies.”

River Blu Apartments is nine miles southeast of downtown Sacramento and three miles from California State University – Sacramento, which has an enrollment of more than 35,000 students and employs approximately 2,750 faculty members. The property is also near Glenbrook Shopping center, which features numerous daily conveniences. 

Stan Beraznik
Formed in 2009, 29th Street Capital is a privately-held real estate investment and advisory firm that employs a value-added investment strategy in acquiring properties that typically fall below the radar of its institutional peers. 

Over the past 12 months 29th Street Capital has also acquired 17 conventional multifamily assets and continues to actively pursue additional opportunities throughout the U.S. 
        
For investment inquiries, contact:
Stan Beraznik, Founder and Managing Principal at 29th Street Capital
+1.415.643.6875 | sberaznik@29thstreetcapital.com


CONTACT:

Terri Thornton
Partner, Thornton Communications

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