LAS VEGAS, NV – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has bought Woodlake Villas Apartments, a 218-unit multifamily community in Las Vegas, Nevada. 29SC plans to implement a $1.9 million capital improvement program to renovate unit interiors, enhance the property’s exterior and curb appeal and improve the amenity package. 29SC will also implement energy-efficient upgrades through the Freddie Mac Green financing program.

The Las Vegas market has experienced significant economic improvements in recent years. In 2016 alone, the Las Vegas market ranked third in rent growth (Axiometrics), added 24,800 jobs and had a positive net migration of 40,000. Additionally, the Las Vegas MSA reported millennial population growth of 3.0% in 2016, which ranked the highest in the U.S. 

“We are very pleased with the addition of Woodlake Villas to the 29SC portfolio and our expansion into the ever-improving Las Vegas market,” said Dusty Eddy, 29SC’s Vice President of Acquisitions for Phoenix, Las Vegas and San Diego. “We’re excited to start our renovation program that will ultimately lead to a more desirable community.”

Woodlake Villas is situated approximately three miles west of the Las Vegas Strip. The community is located near many daily conveniences, including Trader Joe’s and Smith’s, and provides its tenants with simple accessibility to I-15. Major retail centers Fashion Show Mall and The Boulevard are also each located less than five miles from the property.

“The property is located within a well-developed neighborhood that has above-average proximity to the Las Vegas Strip as well as several other local employment opportunities,” Eddy added. “The combination of the property’s location and the plotted renovations will provide current and future residents with a convenient and substantially-improved community.” 

The transaction closed April 26. The sale price was not told.

29th Street Capital bought 15 multifamily assets over the past 12 months and continues to actively pursue additional opportunities throughout the U.S. The firm will continue to target strategic value-add deals that are below the institutional radar, with the intention of offering its investors above-market returns. 

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MARYVILLE, TN – According to numbers released by the U.S. Census Bureau, Tennessee’s eldest baby boomer age range has had the highest growth rates in the last few years. With this growing population to serve, Brookdale Sandy Springs AL felt a need to remodel and expand its helped living and dementia care services.

The local senior living community has invested nearly $5 million to add 16 more helped living apartments and the Clare Bridge memory care program, including 32 apartments for those living with Alzheimer’s and dementia.

The Alzheimer’s and dementia care community will feature the Clare Bridge program developed by Brookdale, the nation’s largest senior living provider. Clare Bridge focuses on providing meaningful and purposeful daily life for those in dementia’s middle to later stages through activities and events tailored to individual interest.

“When new residents go in, we learn as much as possible about their life tales,” said Juliet Holt Klinger, Brookdale’s senior director of dementia care program development. “We design activities that meet their interests, stir their memories and match their current abilities so they can be successful in their daily lives. This provides our residents with a sense of purpose and accomplishment that raises self-esteem.”

Besides the additional apartments and services provided, other changes include an all new, state of the art kitchen, new café, resident internet lounge, spa and new carpet, counters and furnishings to match other Brookdale communities across the country. The property will have a fresh coat of paint to help bring new life to the existing community.

“We are very excited about this change,” said Amy May, executive director of Brookdale Sandy Springs AL. “We are expanding our services so we can serve more seniors and provide a greater range of services. We are engaged in Brookdale’s nationwide mission to provide seniors with the highest quality care, service and living accommodations.”

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MIAMI, FL – CAPREIT, a national real estate development and investment company responsible for the ownership and management of more than $5 billion of multifamily assets, announced it has assumed management responsibilities for three affordable housing communities in the Miami metropolitan area.

The communities, Cedar Grove and Emerald Dunes (both in Miami Gardens) and Running Brook (Miami), include a combined 615 apartment homes. CAPREIT will spearhead renovation efforts at the communities, designed to bring them to par with some of the best affordable housing options in the area.

“Assuming management of these three communities will allow us to help in the preservation and renovation of much-needed affordable housing in the Miami area,” said Ryan Tustin, senior associate at CAPREIT. “The Miami Gardens communities are located in an area where single-family homes have recently experienced significant appreciation. We recognize the growth in the surrounding area and are excited to be a part of the neighborhood’s ongoing transformation.”

CAPREIT assumes all management responsibilities, including the renovations blueprint. Renovation efforts will include asphalt and sidewalk repairs, new signage, new access gates, exterior painting, exterior lighting, landscaping, new fitness equipment and new pool furniture.

Cedar Grove, located at 20601 NW 17th Avenue, contains 2-, 3- and 4-bedroom homes and 288 units. Community amenities include a swimming pool, fitness center, business center and clubhouse. Apartment interiors are equipped with washer and dryer connections.

Emerald Dunes is located steps away from Cedar Grove, at 1931 NW 207th Street, and features 1-, 2- and 3-bedroom homes for a total of 141 units. It contains the same community amenities as Cedar Grove. The communities are situated less than two miles from Hard Rock Stadium, home of the Miami Dolphins, and are within walking distance of the city’s Orange Line bus stop.

Running Brook is 30 to 40 minutes southwest of the other two at 20505 SW 122nd Avenue. Featuring 2-, 3- and 4-bedroom homes and 186 units, Running Brook is nestled in a silent neighborhood and is within minutes from Southland Mall and Zoo Miami. The site is within walking distance of a Publix Supermarket, 7-Eleven, Walgreens, Bank of America and Caribbean Elementary School. Community amenities include a swimming pool, clubhouse, fitness center and volleyball court.

Including Cedar Grove, Emerald Dunes and Running Brook, CAPREIT currently owns or operates nearly 14,000 units across the nation.

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