Monday, February 4, 2019

29th Street Capital Acquires Willows at Town Center Apartments; Community is Firm’s Fourth Las Vegas-Area Acquisition


Willows at Town Center Apartments, Las Vegas, NV


   

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Las Vegas, NV, Jan. 28, 2019 – 29th Street Capital (29SC), a privately-held real estate operator, has acquired Willows at Town Center Apartments, a 188-unit multifamily community located in Las Vegas, Nevada.

29SC plans to invest over $1.8 million in capital improvements. Interiors will receive stainless steel appliances, quartz countertops, plank flooring and refaced cabinets.

All interior units will also be equipped with Nest Thermostats. Exterior improvements will focus on modern paint in addition to enhancing the pool area, fitness center and clubhouse to boost overall curb appeal. 

Dusty Eddy
The seller was RK Properties, located in Long Beach, California, which has more than 4,300 multifamily units under management. The transaction closed January 25. The sales price was not disclosed. 

“Willows at Town Center is in the desirable Centennial area, which is one of the fastest growing submarkets in the entire valley,” said Dusty Eddy, 29SC’s Senior Vice President of Acquisitions in the Southwest. “This asset has convenient access to major employment areas in the submarket as well as the greater MSA via US-95 and 215 Beltline.”

The Las Vegas metro is home to approximately 75% of Nevada’s residents with above average population growth of 2.4%. The area is also experiencing strong employment and wage growth compared to the national average. Single-family housing prices are approaching pre-recession peak levels, causing the cost of home ownership to rise.

“Las Vegas is ranked as the number one rent growth market year-over-year according to multiple data sources,” Eddy added. “We feel that the positive demographic trends for the market will continue, which will allow us to execute our business plan and offer higher quality yet still affordable housing.”  

CONTACT:

Terri Thornton 
terri@territhornton.com


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