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Green Leaf Partners & 29th Street Capital Close Acquisition

Category: News | Posted June 1, 2011 by Thomas A. Hall | No Comments

Green Leaf Partners and 29th Street Capital are pleased to announce the closing of Meadowood Apartments a 64 unit complex located in Vacaville, CA. The ownership plans to rebrand the property under the Green Leaf umbrella, add washer/dryer connections in select units, and upgrade the amenity package.

“We are excited to close our first project together and feel that we are getting some nice current income along with the solid rental income growth fundamentals of Northern California,” – Stan Beraznik, president of 29th Street Capital.

The project was financed with a loan from CBRE/Freddie Mac and the balance came from equity raised as part of the Green Leaf Apartment Fund I venture launched earlier this year.

“This is a nice core B asset for our Northern California portfolio. We have been focused mostly outside of California over the past 6-7 years so it is great to be find something with good current and long term fundamentals in our backyard.” – Michael O’Neil, president and co-founder of Green Leaf Partners.

Green Leaf Partners is focusing its acquisition efforts to grow its existing portfolio to 10,000 units on properties located in larger US markets in the west including Arizona, California, Nevada, Oregon, Utah and Washington.