MESA, AZ – 29th Street Capital (29SC) has recently acquired two C+ assets; Sierra Madre Apartments and The Brittany only .2 miles from each other and both located in Mesa, AZ. Sierra Madre and The Brittany are located in the desirable East Valley area of Phoenix. Mesa, AZ is renowned for its good schools, affordable new housing, and access to work centers including the tech area of Chandler and Gilbert, financial and hospitality areas of Scottsdale and the legal center in downtown Phoenix.
The newest 29SC acquisition will help to meet a demand in the newly revitalized Mesa, AZ area. Recent economic developments include an expansion at Apple that will provide more than 2,000 jobs, the latest enlargement of the biomedical campus is projected to create 14,000 jobs, and Intel recently completed a massive $5 billion facility in the Chandler area. Mesa is also currently experiencing a construction boom with projects such as, the recently opened Chicago Cubs spring training facility, in 2013 Marina Heights – State Farm Tempe began construction on the largest office development in Arizona, and the 2016 completion of the light rail will provide extended access throughout the metro area.
Improvements to the two apartments vary in requirements due to the fact that The Brittany has been better maintained by previous management. However, both facilities require renovations that will include interior enhancements such as, re-staining cabinets, new countertops, appliance replacement and/or upgrades, modernized paint scheme, new flooring, and miscellaneous hardware upgrades. Exterior augments entail enhanced landscaping, repairing property fences, improvements to pool area, renovations to model unit and fitness center, as well as resurfacing and resealing the parking lot. Upon completion of necessary updates, both Sierra Madre and The Brittany will compete more aggressively with surrounding properties.
29th Street Capital is actively pursuing additional multifamily opportunities throughout the United States. 29SC will continue to target smaller value-add deals which are below the institutional radar offering our investors above market returns.
Formed in 2009, 29SC is a privately-held real estate investment and advisory firm that employs a value-added investment strategy of acquiring residential properties as well as distressed loans across the United States. 29SC continues to identify and pursue strategic investments ahead of the broader market and below the radar of our institutional peers. Investments typically require approximately $2- 10 million of equity per deal, and involve the acquisition or recapitalization of real estate assets, portfolios, or platforms. Learn more about 29SC at www.29thstreetcapital.com