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. The property will be re-branded as The Edge at City Centre.
29SC plans to invest $2.17 million ($7,640 per unit) to improve the quality of the units and common areas while enhancing curb appeal. Improved amenities will include a new fitness center and upgraded leasing center. New Hardie plank siding, landscape improvements and signage is planned for the exteriors. The apartments will get new appliances, resurfaced countertops and cabinets, upgraded kitchen and bathroom fixtures, modern lighting and new flooring in the living areas.
“Ashley Park has a very unique location with great access to 610, the Texas Medical Center, NRG Stadium, Rice University and downtown Houston,” said Javier Bustillo, senior VP of acquisitions for 29SC. “This acquisition fits our global business plan perfectly in that it allows us to create value by investing in a dynamic location with an untapped upside through property renovations and focused management. The planned renovations will benefit current residents as well as attract new renters and give 29SC the opportunity to continue to grow the firm’s platform in Texas.”
29th Street Capital is actively pursuing additional multifamily opportunities throughout the United States. The firm 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 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.
For investment inquiries, contact: Stan Beraznik, Founder and Managing Principal at 29th Street Capital | 415.643.6875 | sberaznik@29thstreetcapital.com