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29SC acquires 124-unit Solaire on Scottdale Apartments in Arizona
29th Street Capital (29SC) acquired Solaire on Scottsdale Apartments, a 124-unit property located in Tempe, Ariz.
Developed in 1963, Solaire on Scottsdale is a B- asset positioned in a class-A location. The community offers residents one swimming pool, an area for outdoor grilling and picnics, and package lockers. 29SC plans to renovate both interior units and exterior amenities. Plans include adding an outdoor game area, fire pit and dog park, upgrading the pool area and enhancing the interiors by renovating units. Updates to the interiors involve adding smart home-tech packages, hard-surface countertops and tile backsplashes and upgrading kitchen appliances, cabinetry and hardware, flooring and baseboards, bathroom mirror frames, ceiling fans and lighting packages.
“The acquisition of Solaire on Scottsdale comes on the heels of our acquisition of Dwell Apartments just down the road and reinforces 29SC’s strategy of acquiring high-quality assets, in desirable loca