HOUSTON, TX - 29th Street Capital (29SC) has acquired Ashley Park Apartments, a 284 unit, Class B- asset located in the Medical Center/University submarket of Houston, Texas. The property is located inside of the 610 Loop and less than two miles from the Texas Medical Center, the largest medical complex in the world.
29SC plans to in invest $2.17M for both interior and exterior renovations. The capital investment will help cure deferred maintenance, enhance curb appeal and improve the quality of the units and common areas. Exterior renovations to the asset will include an upgraded leasing center, new fitness center, new Hardie plank siding, landscape upgrades, and new 3-color paint scheme. The property will also be re-branded with a new name and new signage. Interior renovations will include new appliances, resurfaced countertops, modern light and plumbing fixtures, faux wood flooring in living areas, upgraded kitchen and bathroom hardware and resurfaced cabinets.
“Ashley Park has a very unique location with great access to 610, the Texas Medical Center, NRG Stadium, Rice University and downtown Houston. This acquisition fits our global business plan perfectly in that it allows us to create value for our investors by investing in a dynamic location with untapped upside through property renovations and focused management. The planned renovations will benefit current residents as well as attract new renters and gives 29SC the opportunity to continue to grow the platform in Texas.” Said Javier Bustillo, senior VP of acquisitions.
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