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Green Leaf Partners & 29th Street Capital Close Arizona Acquisition

Category: News | Posted September 7, 2011 by nchaump | Comments Off

Green Leaf Partners and 29th Street Capital are pleased to announce the closing of Shadow Creek Apartments a 266 unit apartment complex located on the Tempe/Mesa border in the Phoenix MSA. The ownership plans to rebrand the property under the Green Leaf umbrella, renovate and add square footage to the management office, upgrade the tennis courts and pool areas, exterior paint, upgrade some interiors and potentially add solar panels for common area electricity.

“This acquisition continues to strengthen our Fund’s emphasis on properties that have strong current cash flow along with the ability to improve operations and value through a moderate capital improvement plan.” -Stan Beraznik, president of 29th Street Capital.

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

“The current spreads between in place cap rates and long term debt financing along with a long history of high occupancy at the property allow for stable in place cash flows from the outset. Additionally we are very excited to make an infill acquisition in a strong performing Phoenix submarket where we see long term potential for value appreciation,” -Thomas Hall, CFO 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.