SAN FRANCISCO - 29th Street Capital has closed on an off market opportunity to acquire a 23-unit property in a very desirable neighborhood in Oakland, CA. Located less than 2 blocks from the Highland Hospital, the main trauma center for downtown Oakland, the area is benefiting from a changing demographic of new home owners who are reinvesting back into their properties.
The property presents an opportunity for 29th Street Capital to benefit from not only the rapidly expanding economy but also the shortcoming of the previous owners. The properties’ rents are currently more than 20% below surrounding market rents.
29th Street capital is planning to completely renovate the property, making improvements to both the exterior and all interior units. Improvements include earthquake retrofitting, and new paint to the exterior as well as all units receiving new kitchen reconfigurations that will include all new cabinets and appliances. Renovations to the property will allow 29th Street Capital to bring rents in line with current market rates.
About 29th Street Capital
29th Street Capital is a privately held real estate investment and advisory firm based in San Francisco, CA. Employing a value-add investment strategy of acquiring residential and commercial properties as well as distressed loans across the United States, the firm partners with best-in-class real estate operators, that have a proven ability to execute on a defined strategy within a specific geographical market. 29th Street Capital brings 40 years of institutional and capital markets experience to every relationship. Since its inception in 2009 the firm has acquired over $500MM in real estate assets. Learn more about 29th Street Capital at www.29thstreetcapital.com