29th Street Capital Expands, Acquires Southglenn Place Apartments in Centennial, CO

Southglenn Place Apartments, Centennial, CO

Centennial, CO – 29th Street Capital (29SC), a privately-held real estate operator, has acquired Southglenn Place Apartments, a 135-unit multifamily community located in Centennial, Colorado. 29SC plans to invest over $1.6 million in capital improvements. 

“Southglenn Place is a value-add property in a true Class A location,” said Jay Neal, 29SC’s Senior Vice President of Acquisitions in the Rocky Mountain area. “The Centennial submarket has limited apartment supply and high barriers to entry, which make it especially receptive to value-add improvements.”

The property will be modernized and improved to appeal to the affluent millennial resident base attracted to living near many daily conveniences and conscious of the high prices prevalent in downtown Denver, which is 15 miles away. Centennial is just a few blocks from University Blvd., which provides convenient access to the downtown metropolitan area and surrounding suburbs.

Jay Neal

29SC will provide new stainless steel appliances, granite countertops, flooring, cabinet fronts and a modern paint scheme.

 The community will also receive a new grilling and fire pit area. Exterior renovations will focus on paint, new signage and energy-efficient windows.

U.S. News and World Report recently ranked the Denver metro area as the #1 Best Economy as a result of its continuously strong economic fundamentals.

The city is one of the most desirable post-college destinations for millennials and will continue to grow as a result. Annual employment growth for Denver was a healthy 2.5% in 2017 and continues to boost the economy. 

“Southglenn is close to The Streets of Southglenn,” Neal added. “The outdoor shopping center has popular restaurants and bars, a movie theater and several national retailers that greatly enhance our residents’ lives.”  

The transaction closed Nov. 28 The sale price and seller were not disclosed.

CONTACTS: 

MATTHEW PUTTERMAN

HFF Director

(713) 852-3500

mputterman@hfflp.com

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3403

ohennessey@hfflp.com

https://29thstreetcapital.com.