Santa Lucia Apartments consists of 204 units of workforce housing located in Salinas, California. Built in 1974, the property is one of only eight fully market-rate multifamily assets with over 200 units in Monterey County and has consistently been one of the most well-occupied properties in its market. The 32-building, 2-story community features attractive 1-…
The 258K square foot industrial property was originally built as a build-to-suit for Abbott Labs, with high quality infrastructure including abundant power, 30’ clear heights, full building HVAC capacity, above market parking, and expandable distribution capabilities. The property was acquired vacant and the investment thesis contemplates the repositioning of the asset to cater to advanced…
2741 16th Street is a 100% leased, newly renovated PDR (R&D) zoned building with a large (25,000+ sf) surface parking lot that can be redeveloped in an in-fill location in San Francisco. The property was purchased in Q4-2020 for $22.2M and provides strong going-in cash flow at 7.3% cap (10.3% levered cash on cash year…
Ridge acquired Sterling Pointe on an off-market basis at a price of $33 million ($132k/unit, $184 psf), which compared very favorably to recent trades in the surrounding area. The property consists of two multi-family properties that are physically contiguous and currently operated as one asset. The properties are located at 2237 and 2257 Hurley Way,…
Ridge acquired Antelope Woods Apartments in August 2018 for $18.5 million ($149k/unit) in an off-market transaction. The property is a well-established multifamily asset with a long history of high occupancy that is located just northwest of I-80, with easy access to office and retail in Roseville, Rocklin and to Sacramento to the south. Ridge executed…
Ridge acquired La Riviera Commons apartments in August 2018 for $21 million ($146k/unit) in an off-market transaction. The property is a well-established multifamily asset located along the American River, just north of Hwy 50, and within close proximity to Sacramento State University, downtown Sacramento and the Hwy 50 office corridor. La Riviera Commons is best…
Ridge acquired South Hills Apartments for $3.75 million in March 2018. South Hills is a 30-unit multifamily asset located in Sacramento, California, one of the country’s top-performing apartment markets. More specifically, South Hills sits at the intersection of the Pocket, Greenhaven, and Land Park submarkets, some of the most highly sought-after neighborhoods south of downtown…
Ridge and its capital partner acquired Saratoga Center, an 84,320 square foot multi-tenant property, for $18.2 million in December, 2017. Saratoga Center consists of a two-building complex located in the Hacienda Business Park. The property was 85.6% leased to seven tenants at acquisition. The largest tenant is Gritstone Oncology, Inc., which occupies 42,620 square feet…
Ridge and its capital partner acquired Sierra Fair Apartments, a 204-unit property, for $22.35 million in July 2017. The Class B property is situated in the highly amenitized southern Arden-Arcade submarket of Sacramento, a convenient, in-fill, “A+” location near the region’s most affluent housing communities, including Arden Park, Sierra Oaks, and Arden Park Vista, as…
Ridge acquired 3003 Oak Road in June of 2017 with an institutional capital partner for a purchase price of $66,000,000 ($319psf). The 206,415 square foot building is located in Contra Costa Center, adjacent to Pleasant Hill BART Station. Ridge acquired the property from PMI, for which the property was originally developed as its headquarters. The…