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June 25, 2024
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29th Street Capital Picks Up 124-Unit Res Asset in Arizona


29th Street Capital (29SC) acquired Solaire on Scottsdale Apartments, a 124-unit property located in Tempe, AZ. The price was not disclosed.

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.

Solaire on Scottsdale is located immediately west of Scottsdale Rd on McKellips Rd 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, BannervHealth, and Opendoor. As these employers continue to 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.

Haven Residential, the property management company, will oversee management and leasing on behalf of the new ownership.

“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 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 will be able to 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.”

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