AVONDALE, AZ - Privately held real estate investment firm 29th Street Capital (29SC) has acquired Oceana Apartments in Avondale, Arizona. This marks the firm’s 16th multifamily acquisition in the Phoenix metro area.
Built in 2004, Oceana Apartments is a 240-unit, Class B+ property. The community includes a resort-style pool and spa, fully-equipped fitness center and clubhouse with a business center. The community improvement plan includes installing stainless-steel appliances, quartz countertops, new cabinet fronts and smart technology packages in the residential units. The firm also plans enhancements to the clubhouse, fitness center and outdoor amenity spaces as well as fresh exterior paint. The new owner will also install water-efficient toilets in all residential units.
29SC’s in-house property management company, Haven Residential, will oversee management and leasing.
“Oceana is conveniently located minutes from some of the biggest entertainment venues and fastest-growing employment hubs in the area,” said Dusty Eddy, Senior Vice President of Acquisitions of the Southwest Region for 29SC. “Residents will be able to enjoy our upgraded apartments with modern amenities, with just a short commute to major employers as well as entertain options.
The community is situated in the heart of the rapidly growing I-10 and Loop 303 industrial and distribution corridors which is home to major employers including Amazon, Chewy, Lockheed Martin, Microsoft, Macy’s Distribution, Boeing, Sub-Zero and Dick’s Sporting Goods. With direct access to Interstate 10, the community connects residents to Westgate Entertainment District, State Farm Stadium and Desert Diamond West Valley Casino.
The transaction closed on Monday, February 7, 2022. The sale price and seller were not disclosed.
In the last year, 29SC has acquired over 27 multifamily assets across the United States that contain over 6,300 units. The firm continues to actively pursue new opportunities.
Formed in 2009, 29th Street Capital is a privately held real estate investment firm with 16 offices nationwide. Its current portfolio consists of more than 17,000 existing units and a development pipeline of over 3,800 units. Learn more about 29SC at www.29thstreetcapital.com