DENVER — 29th Street Capital (29SC) has purchased the 110-unit Asbury Plaza Apartments in Denver for an undisclosed sum. The community is located at 5170 E. Asbury Ave.
Asbury Plaza is situated east of Interstate 25. It is within walking distance of a pedestrian bridge that will lead to the RTD Colorado light rail station. The bridge will be completed later this year.
29SC plans to invest about $850,000 – or $7,700 per unit – in property improvements. It will upgrade the roof, windows, landscaping, corridors, and resident amenities, including the BBQ area and rooftop deck.
The firm will also install new appliances, countertops, fixtures, lighting and flooring. Exterior work will be completed within six months, while interior work will be conducted as tenants vacate.
This is 29SC’s eighth acquisition in the past eight months. The seller was a private ownership group.