San Francisco, CA – November 9, 2012
Ridge Capital Investors, LLC has acquired Mariner’s West Apartments, a 45-unit apartment community in San Mateo, California for $10.95 million. The two building property was developed in 1979 and is located in the heart of the mid-peninsula office market, just mile north of Hwy 92 and 1 mile east of Hwy 101, and is in close proximity to Bridgepointe Shopping Center.
Ridge will execute an extensive interior and exterior renovation plan on the 100% leased property over the first year of ownership, bringing it to a quality level exceeding its competitive set. FPI Management, Inc. will manage day to day property operations on behalf of the company.
This is an irreplaceable asset in one of the best apartment markets in the country and we will be repositioning Mariner’s West to capture the improving market dynamics that are being seen up and down the peninsula, commented Trevor Wilson, managing director of Ridge Capital Investors, LLC. The San Mateo market currently stands at just under 97% occupancy with rental increases in excess of 20% over the past eighteen months.
This is the fourth investment for Ridge Capital Investors in the last twelve months, and the second in the last 45 days for Ridge and capital partner, Redwood Real Estate Partners of Rancho Santa Margarita, California. Over the next twelve months, the company plans to invest $50 million of equity in both multifamily and commercial properties.
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 and principals Brian Printz, 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.