|Address:||1450 S. State Street|
|Type:||Class B Apartments|
|Number of units||53 units|
|Date Acquired:||May 2021|
On an off-market basis, Ridge acquired two adjacent multifamily properties under separate transactions, consisting of a total of 53 units. At the combined price of $7,300,000 ($137,736/unit, $144.34 psf), the initial basis is less than half of the replacement cost for similar properties.
The two properties will be operated as a single asset known as Alderwood Apartments, and Ridge plans to invest over $40,000 per unit to make the newly combined property one of the best in the entire Ukiah market. The renovation consists of significant interior and exterior improvements and common area upgrades. Given the high cost of new construction, Alderwood Apartments will be positioned as a top-tier Ukiah property for some time.