29SC Marks Entry into Core-Plus Market With $134M Parq Buy

Investment firm 29th Street Capital (29SC) recently acquired Parq at Iliff Station, a 424-unit apartment community located in the Southeast Aurora submarket of Denver, for $134 million. Parq represents 29SC’s first acquisition of this size and scale, marking the firm’s entry into the core-plus market. However, Parq is 29SC’s 11th multifamily acquisition in the Denver area, totaling nearly 1,500 units.

29SC, which has primarily focused on value-add multifamily acquisitions, has launched a core-plus strategy focusing on newer, larger and higher-quality assets where additional upside can be captured through management efficiencies, energy savings programs and improving market conditions.

“Our proven track record and bolt-on acquisition approach is what allows us to step up to projects of this caliber,” says Robb Bollhoffer, 29SC managing principal. “We are able to provide improved service to the community and as a result, additional value to both our residents and investors.”

29SC’s improvement plan includes smart-home technology packages, upgraded interior finishes and adding amenities throughout the community.

Parq at Iliff Apartments is located at 2602 S. Anaheim St., 11 miles southeast of downtown Denver. It was built in 2018.

The property was financed with a fixed rate life company loan arranged by Brian Eisendrath and Cameron Chalfant of CBRE. The name of the seller was not released.