29SC Acquires 193-Unit Dwell Apartment Homes near Old Town Scottsdale, Arizona

Dusty Eddy

 

 Scottsdale, AZ, Feb.  2023  –29th Street Capital (29SC), a privately held real estate investment firm, acquired Dwell Apartment Homes, a 193-unit property located in Scottsdale, Arizona. This asset marks the firm’s 20th multifamily acquisition in the Phoenix Metro.

 The transaction closed Feb. 14, 2023. The sale price and seller were not disclosed. Haven Residential, the 29SC-owned property management company, will oversee management and leasing.

 “The acquisition of Dwell reinforces 29SC’s strategy of acquiring high-quality assets, in desirable locations, where we can add value to residents through upgrades and improvements,” said Dusty Eddy, Senior Vice President of Acquisitions of the Southwest Region for 29SC.

 “Residents will be able to enjoy upgraded apartments with modern amenitieswhile taking advantage of Dwell’s proximity to Old Town Scottsdale with its many entertainment options, retailers, and major employment center.”

193-unit Dwell Apartment Homes, Scottsdale, AZ

Developed in 1963/1975, Dwell is a C+ asset positioned in a Class A location. The amenity-rich community offers residents a comfortable lifestyle, with 3 swimming pools, a fitness center, a business center, a dog park, and an outdoor grilling and picnic area. 29SC plans to renovate both interior units and exterior amenities.

 Plans include converting the garden to an outdoor game area and dog park, upgrading the gym and pool areas, and enhancing the interiors by renovating units.

  Updates to the interiors involve adding smart home tech packages and upgrading kitchen appliances, countertops, backsplashes, new cabinet faces and hardware, flooring and baseboards, bathroom mirror frames, ceiling fans, and lighting packages.

Rendering of Old Downtown Scottsdale, AZ

Dwell is located behind the northwest corner of McDowell and Scottsdale Road and offers unmatched reach to several of the Valley’s most prominent employment centers, including Downtown Scottsdale, Tempe Town Lake, ASU, Midtown & Downtown Phoenix, and the Camelback Corridor.

 The city of Scottsdale is committed to attracting and retaining high-profile corporate names, including General Dynamics, HonorHealth, Vitalant, Yelp, Indeed, Banner Health, and Opendoor.

 As these employers continue to attract well-educated residents, the city continues to be the most sought-after destination in the state for those looking to capture an all-inclusive, live, work, and play lifestyle.

 

Camelback Corridor, Phoenix, AZ

Formed in 2009, 29th Street Capital is a privately held real estate investment firm with 16 offices nationwide.

 Its current portfolio consists of more than 20,000 existing units and a development pipeline of over 3,800 units. In the last year, 29SC has acquired over 21 multifamily assets across the United States that contain over 6,200 units. The firm continues to actively pursue new opportunities.

 Contact:

  Julia Eich

Director of Marketing and Communications

+1.847.977.0876

julia.eich@havenresidential.com

  29SC.com

 

Forinvestmentinquiries, please contact:

 Robb Bollhoffer,

ManagingPrincipal

29thStreetCapital

 312-933-2668|

rbollhoffer@29thstreetcapital.com