San Antonio, Texas (September 2020) – 29th Street Capital (29SC), a privately-held real estate operator, has acquired Live Oak Place Apartments, a Class C+, 308-unit asset located in the Live Oak submarket of San Antonio. 29SC plans to add value to the property by fully renovating 163 apartments and lightly renovating 145 units that were previously improved by the seller. Along with the interior upgrades, 29SC will be improving the exterior finishes and amenities.
“This is 29SC’s first acquisition in San Antonio in the past 12 months and will be a strong addition to our Central Texas portfolio, which has now reached over 1,000 units,” said Dan Howard, 29SC’s Senior Vice President of Acquisitions based in Austin. “I look forward to the continued expansion of our footprint in Central Texas and am confident that our focus on accelerating growth in this market will yield high returns.”
Live Oak Place Apartments, located at 13012 Oak Terrace Dr, is approximately 14 miles northeast of downtown San Antonio. The property is well positioned at the intersection of Loop 1604 and I-35 and the recently expanded Wurzbach Parkway, providing easy access to the city and surrounding points of interest.
Over the past 12 months, the Live Oak submarket has shown resilience, despite the COVID-19 pandemic, with positive trends in vacancy rates for multifamily units. According to CoStar submarket data, vacancy rates declined from 8.5% in Q3 2019 to 6.7% in Q3 2020.
“The Live Oak submarket has shown very strong growth in both population and rental rates,” Howard added. “Live Oak Place’s proximity to top employers such as Amazon and Ikea is already a plus; the planned renovations will make it even more desirable.”
The transaction closed Friday, September 4. Neither the seller nor the sale price have been revealed.
Over the past year, 29th Street Capital has acquired 16 conventional multifamily assets – totaling 3,356 units – throughout the U.S. and continues to actively pursue additional opportunities.
Formed in 2009, 29th Street Capital is a privately-held real estate investment firm that focus on value-add and development of multifamily assets with a current portfolio of more than 10,000 units having acquired over 18,000 units across its 14 offices in the U.S. Investments typically require approximately $10 million to $100 million of total capital and involve the acquisition or recapitalization of individual real estate assets, portfolios or platforms.