Ridge acquired Citadel Apartments, a 22-unit property, for $5.33 million in December, 2016. Citadel Apartments is a very well located asset in Rohnert Park, California, within close proximity to Hwy 101, a newly planned downtown area, Sonoma State University and major area employers. Rohnert Park continues to be one of the tightest rental markets in the North bay, due to a lack of new supply and steady demand driven by local growth and increasing housing costs throughout the region.
The Property was originally part of a larger property that was split at some point in the 1990’s and while it had been consistently well occupied, it lagged the competitive set in rents due to a lack of capital investment. Coupled with an “institutional” upgrade to management and leasing, Ridge invested over $35,000 per unit on the interior and exterior of the property to bring it up to one of the best boutique apartment assets in Rohnert Park. With an upgraded amenity package that now includes a renovated pool, outdoor BBQ area and fitness centre, Citadel far surpasses other smaller properties and competes directly with newer Class B+/A- assets.