29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Mission Springs Apartments. The multifamily property is 29SC’s 10th in the greater Phoenix area, where it now owns more than 1,000 units. The 306-unit multifamily community, located in the South Tempe submarket, features studios, one- and two-bedroom units.
29SC has allocated approximately $2.2 million for capital improvements including a new dog park. Interior upgrades will include modern energy-saving appliances, updated lighting and countertops, kitchen backsplashes and remodeled bathrooms. Additional renovations will focus on enhancements to the clubhouse, pool and grilling areas, landscaping and signage.
“We are excited to increase the size of our Phoenix portfolio with this excellent value-add property,” said Dusty Eddy, 29th Street Capital’s Vice President of Acquisitions in Phoenix. “Mission Springs is well-located relative to many daily conveniences, transportation routes and employment opportunities.”
The community is in a well-developed neighborhood with easy access to I-10 and Hwy. 60, several daily conveniences and Arizona Mills, an indoor outlet mall offering more than 185 stores. Tempe is a desirable infill city that attracts young, highly-educated workers looking for the live-work-play balance.
“After this acquisition, 29SC will operate over 1,000 units in the Phoenix-area, which allows for us to leverage the portfolio’s scale and lower operating costs,” Eddy added.
The acquisition closed Nov. 28, 2017. The sale price was not disclosed.
29th Street Capital has acquired 16 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.