GOODYEAR, AZ – Privately held real estate investment firm 29th Street Capital (29SC) has acquired Lunaire Apartments. The purchase is the company's 14th multi-family acquisition in the greater Phoenix area with a total of almost 2,700 units on the market.
The Lunaire Apartments were built in 2008 and are a 240-unit Class A property in the West Valley submarket of Phoenix. 29SC's capital improvement plan includes a full renovation of the remaining "classic" unrefurbished units, improvements to fittings and new exterior paint. 29SC's in-house property management group, Haven Residential, will oversee the management and leasing of the Lunaire Apartments. "We believe this investment represents a unique opportunity to purchase an undervalued, institutional-grade asset in a high-growth submarket in Phoenix," said Dusty Eddy, senior vice president of acquisitions at 29SC in Phoenix.
“Since 2010, Goodyear has had population growth of more than 34%. Metro Phoenix will have a population of 120,000 in 2020. ”The Lunaire Apartments are located at 949 S. Goodyear Blvd. E, about 20 miles west of downtown Phoenix. The property benefits from its central location on the fast growing industrial corridors I-10 and Loop 303 with easy access to downtown Phoenix and the East Valley.
"The sub-markets for industrial corridors I-10 and Loop 303 have seen very strong growth in both population and jobs," added Eddy. “Lunaire's proximity to top employers such as Amazon, Chewy, Microsoft and Boeing is already a plus. The planned renovations and expansions of the main freeway loop 303 will make it even more desirable. "
With a large industrial footprint, Goodyear has seen robust employment and population growth and is expected to continue to grow. Business development officials believe the existing supply of commercial space will more than double to 31.5 million square feet over the next five years as large corporations continue to watch Goodyear for possible developments due to its highly business-friendly environment. The Arizona Chamber of Commerce and Industry named Goodyear the Best City for Business in 2020 for its business-friendly customer service, ability to attract industry, ease regulatory burdens, and work with businesses to improve the quality of local life. Goodyear is rated nationally as a great place to live.
Source: 29th Street Capital
