Gateway Apartments is a value-add, garden-style multifamily community in the East Bay. Built in 1989, the Property is located in San Leandro, and proximate to various forms of transit including I-880, Highway 92, and walking distance to the San Leandro BART station.
Ridge acquired the asset for $71.85 million ($345k/unit) from the same seller as Gateway Apartments. Over the first 36 months, an additional $42k/unit will be invested to improve the asset to the top of its competitive set. The renovations will include improvements to the clubhouse, leasing office and fitness center, as well as exterior property upgrades to siding, decks, carports, fencing and various deferred maintenance items. Unit interiors will also be upgraded with modern finishes.