CONCORD, CA - 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Twin Peaks Apartments in Concord, California. The 39-unit community is located in the East Bay submarket of the San Francisco Bay Area. Twin Peaks is comprised completely of two-bedroom townhome units and neighbors another multifamily property, Tradewinds Apartments, which 29SC acquired in October 2016.
29SC purchased the asset off-market through a prior relationship with the seller. The firm plans approximately $485,000 worth of renovations. Interior upgrades will focus on bathrooms, flooring and kitchens. Exterior improvements will include fresh paint, modern signage, window replacements throughout all units and landscape upgrades.
“We believe this is another strong property to add to our East Bay portfolio,” said Casey Davis, 29th Street Capital’s Vice President of Acquisitions for California. “Similar to Tradewinds, this is a value-add asset in a strong location with ample employment opportunities and extremely strong submarket fundamentals.”
The East Bay is experiencing rapid economic and employment growth, fueled by developing tech companies and the local presence of global corporations including Chevron, Safeway and Kaiser Permanente. The city of Concord has benefitted from this improved economy and currently boasts one of the lowest vacancy rates in the nation.
“We find value in Concord and the surrounding cities as renters continue to look outside San Francisco and Silicon Valley for more affordable housing,” Davis added. “The local neighborhood is well-established with many demand generators including well-regarded schools and easy access to San Francisco and Oakland.”
The transaction closed Jan. 12. The sale price was not disclosed.
29th Street Capital acquired 12 multifamily assets in 2016 and continues to actively pursue additional opportunities throughout the U.S. The firm will continue to target strategic value-add deals which are below the institutional radar, with the intention of offering its 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 in acquiring properties that fall below the radar of institutional peers. 29SC’s multifamily portfolio consists of nearly 7,000 units and it has acquired over 8,500 units across its 11 offices in the U.S. Investments typically require approximately $10 to $50 million of total capital and involve the acquisition or recapitalization of real estate assets, portfolios or platforms. Learn more about 29SC at www.29thstreetcapital.com