|Address:||8719 Woodman Way|
|Type:||Class B Apartments|
|Date Acquired:||August 2018|
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 known for its low-density, park-like setting with easy access to the adjacent river trails.
Ridge will execute a renovation plan estimated to cost over $25,000 per unit, including cosmetic upgrades to the building exteriors, significant unit interior upgrades, as well as the addition of new common area amenities. Upon completion, La Riviera Commons will be positioned as one of the nicest garden apartment properties in its competitive set.