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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.
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.
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.
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| Dusty Eddy |
“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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