San Francisco, CA – October 3, 2012 – Ridge Capital Investors, LLC has acquired TownCentre Commons Apartments, a 137-unit apartment community in Brentwood, California for $19.625 million. TownCentre Commons was developed in two phases in 1991 and 1997 and is located in the newly revitalized downtown area of Brentwood, in close proximity to the recently completed Civic Center, Oak and First Street shops and the award-winning Liberty High School.
Over time, the company will invest an additional $1 million to renovate the 97% leased property and its amenities. FPI Management, Inc. will manage day to day property operations on behalf of the company.
“This investment represents an opportunity for Ridge Capital Investors and our partners to purchase a well-leased, high quality Bay Area property at a compelling basis”, commented Trevor Wilson, managing director of Ridge Capital Investors, LLC.
This is the third investment for Ridge Capital Investors in the last 12 months and represents the first investment it has made with capital partner Redwood Real Estate Partners of Rancho Santa Margarita, California.
Ridge Capital Investors, LLC, a real estate investment and operating firm located in San Francisco, CA, invests in multi-family and commercial properties throughout the Bay Area and the Pacific Northwest. Founded by Trevor Wilson, formerly with Broadreach Capital Partners, LLC, and principals Scott Kotarba and Thomas Daniels, the company focuses on opportunities where it can create significant value by capitalizing on the investment team’s collective experience in over $2 billion of real estate investment and development over the past 18 years.
Headquartered in Rancho Santa Margarita, California, Redwood Real Estate Partners is a privately-owned entrepreneurial real estate investment and asset management company founded by Carl Chang and the Chang Family. Redwood Real Estate Partners capital investment comes directly out of the $250 million Redwood-Kairos Real Estate Fund III which is a co-mingled private equity fund comprised of high net worth individuals, endowments and The Chang Family.