29SC ACQUIRES 124-UNIT SOLAIRE ON SCOTTSDALE APARTMENTS NEAR OLD TOWN SCOTTSDALE IN 21ST METRO PHOENIX ACQUISITION

Tempe, AZ. (May 2023) - 29th Street Capital (29SC), a privately held real estate investment firm, acquired Solaire on Scottsdale Apartments, a 124-unit property located ni Tempe, Arizona. This asset marks the firm's 21st multifamily acquisition in the Phoenix Metro & 2nd acquisition of 2023 in the market.

Developed in 1963, Solaire on Scottsdale is a B- asset positioned in a Class A location. The community offers residents a comfortable lifestyle, with one swimming pool, an outdoor grilling and picnic area 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, 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 29C's strategy of acquiring high-quality assets, in desirable locations, where we can add value to residents through upgrades and improvements," said Dusty Eddy, Senior Vice President of Acquisitions of the Southwest Region for 29SC. "Residents wil be able ot enjoy upgraded apartments with modern amenities while taking advantage of Solaire's proximity to the Old Town Scottsdale &Tempe Town Lake areas with their many entertainment options, retailers, and major employment centers."

Solaire on Scottsdale is located immediately west of Scottsdale Road on McKellips Road in north Tempe and offers unmatched reach to several of the Valley's most prominent employment centers, including Downtown Scottsdale, Tempe Town Lake, ASU, Midtown & Downtown Phoenix, and the Camelback Corridor. The local area is committed to attracting and retaining high-profile corporate names, including General Dynamics, HonorHealth, Vitalant, Yelp, Indeed, Banner Health, and Opendoor. As these employers continue ot attract well-educated residents, the area continues to be the most sought-after destination in the state for those looking to capture an all-inclusive, live, work, and play lifestyle.

The transaction closed on Wednesday, May 24th, 2023. The sale price and seller were not disclosed. Haven Residential, the property management company, will oversee management and leasing.

Formed in 2009, 29th Street Capital is a privately held real estate investment firm with 16 offices nationwide. Its current portfolio consists of more than 15,000 existing units and a development pipeline of over 3,500 units. nI the last year, 29SC has acquired over 18 multifamily assets across the United States that contain over 5,000 units. The firm continues to actively pursue new opportunities. Learn more about 29SC at 29SC.com.

Deal Contact: Dusty Eddy, Senior Vice President of Acquisitions - Southwest Region 312.401.4668 / deddy@29sc.com