29SC Acquires 168-unit Arizona Property in
17th Metro Phoenix Acquisition
Phoenix, Ariz. (September 2022) – Privately held real estate investment firm 29th Street Capital (29SC) has acquired Cala Paradise Valley Apartments in Phoenix, Arizona. This marks the firm’s 17th multifamily acquisition in the Phoenix metro area.
Built in 1983, Cala Paradise Valley Apartments is a 168-unit, Class B property. The community includes a resort-style pool and spa, fully-equipped fitness center and outdoor BBQ’s and amenity areas. 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 outdoor amenity spaces as well as fresh exterior paint and expanded patios.
29SC’s in-house property management company, Haven Residential, will oversee management and leasing.
“Cala Paradise Valley is located in a Class A, institutional-quality location adjacent to the highly desirable Paradise Valley area of Phoenix. The property is conveniently located in the heart of the neighborhood’s retail and commercial corridor and within walking distance to the former Paradise Valley Mall which has been razed and set for a brand new re-development which will further enhance the already great 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, within walking distance to many great retail and entertainment options and just a short commute to major employment centers.”
The community is situated just off Hwy 51, offering easy access to the Camelback/Biltmore office and retail corridor, as well as Midtown and Downtown Phoenix. Just north on Hwy 51 is the Deer Valley & Desert Ridge areas, home to Mayo Clinic, American Express & JW Marriott Resort. To the east is the North Scottsdale Airpark area, home to Go Daddy, Honor Health, Vanguard & Merrill Lynch and average home prices exceeding $1.6MM.
The transaction closed on Thursday, September 8, 2022. The sale price and seller were not disclosed.
In the last year, 29SC has acquired over 20 multifamily assets across the United States that contain over 6,000 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.
Deal Contact: Dusty Eddy, Senior Vice President of Acquisitions – Southwest Region
+1.312.401.4668 | email@example.com