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| 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.
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 transaction closed September 28. The sale price was not disclosed.
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| Casey Davis |
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.
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.
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.
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| Stan Beraznik |
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:
+1.415.643.6875 | sberaznik@29thstreetcapital.com
CONTACT:
| Terri Thornton Partner, Thornton Communications
Phone: 404-932-4347
Email: Terri@TerriThornton.com Website: www.TerriThornton.com https://29thstreetcapital.com |
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