OAKLAND, CA - 29th Street Capital (29SC) has recently acquired another multifamily Class B asset in the desirable area of the Gold Coast submarket of Oakland, CA. The asset is located in close proximity to two BART stations, Lake Merritt and Downtown Oakland. 29SC plans to invest $15K/unit to renovate units as they become available for lease. This will be 29SC’s sixth acquisition in the East Bay market and forth in Oakland over the past 15 months.
As the tech boom continues, the spillover from San Francisco is making Oakland a viable alternative as companies look for affordable locations for their offices. Residents also continue to be “priced out” of San Francisco which has resulted in Oakland posting the largest increase in effective rents in the country over the past 12 months. Oakland has been making a resurgence as of late and is now home to new and established major companies such as Pandora, Ask.com, Pixar, Novartis, Matson, Clorox and many more.
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