CITRUS HEIGHTS, CA – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Woodmore Manor Apartments – its first property in the greater Sacramento region. The 110-unit multifamily community, located 15 miles northeast of downtown Sacramento, features one-, two- and three-bedroom units.
29SC has allocated approximately $1.3 million for capital improvements. Interior upgrades will include new granite countertops, stainless steel appliances, vinyl plank flooring, cabinetry and bathroom fixtures. Exterior renovations will focus on balcony and patio improvements, new siding, fresh paint and energy-efficient windows. The property’s amenity package – clubhouse, fitness center and swimming pool – will be refreshed and enhanced as well. 29SC will also implement energy-efficient upgrades through the Freddie Mac Value-Add and Green financing program.
“The Sacramento market is currently exhibiting very attractive market fundamentals and we are pleased to be expanding out footprint in the region,” said Casey Davis, 29th Street Capital’s Vice President of Acquisitions in Northern California.
The Citrus Heights submarket has experienced tremendous rental rate growth in recent years and surpassed 8% in both 2015 and 2016. Concurrently, vacancy has remained below 4%. The neighborhood is well-developed primarily by residential and retail and is conveniently located near Sunrise Mall, which is slated for major redevelopment in the coming years.
“Citrus Heights continues to be an ever-improving market,” Davis added. “Woodmore Manor is in a great location and near many daily conveniences. We believe this property is a perfect opportunity to demonstrate our value-add capabilities and provide value to current and future residents.”
The acquisition closed June 16, 2017. The sale price was not disclosed.
29th Street Capital has acquired 17 multifamily assets over the past 12 months and continues to actively pursue additional opportunities throughout the U.S. The firm will continue to target strategic value-add deals that 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 more than 7,600 units and it has acquired nearly 10,000 units across its 12 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