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29th Street Capital Expands Phoenix Presence with Acquisition and Rebrand of 148-Unit Agave Ridge Apartments

FOR IMMEDIATE RELEASE
October 1, 2025
Phoenix, AZ – 29th Street Capital (29SC), a privately held real estate investment firm, today announced the acquisition of Urban 148, a 148-unit multifamily community located in Phoenix, Arizona. Upon closing, the property will be rebranded as Agave Ridge Apartments and 29th Street Living will manage the property.
The acquisition expands 29SC’s growing footprint in the Phoenix metropolitan area, bringing the portfolio from nine to ten properties, including three new developments. Strong job growth, steady population inflows, and resilient renter demand continue to reinforce the market’s long-term housing fundamentals.
“Phoenix remains one of the country’s most dynamic markets, and Agave Ridge represents the type of well-located, value-add opportunity where our integrated platform excels,” said Daniel Rickert, VP of Acquisitions of 29th Street Capital. “With our in-house construction, asset management, and operations teams, we are well-positioned to enhance the resident experience while creating significant value for our investors.”
Having recently undergone significant renovations, Agave Ridge is well-positioned within its submarket, offering modernized homes and refreshed amenities that align with 29SC’s strategy of delivering attainable housing while capturing durable rental demand.

The acquisition was sourced through 29SC’s proprietary network of local brokers, owners, and lenders—underscoring the firm’s contrarian approach to finding opportunities in a cautious capital markets environment.
About 29th Street Capital
Headquartered in Chicago, 29th Street Capital is a privately held investment management firm specializing in multifamily real estate. Since 2009, the firm has acquired more than 30,000 units nationwide, delivering an average 33.9% IRR and a 2.3x equity multiple across its portfolio. With over $5.1 billion in assets and a team of more than 500 employees, 29SC executes acquisitions, development, renovation, and management strategies through a vertically integrated, tech-forward platform that enhances resident experience and optimizes property performance. Its dedicated property management arm, 29th Street Living, provides end-to-end operational expertise, ensuring consistency across every community. Learn more at 29SC.com.
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