Mariner’s West Apartments
  • Address: 730 Mariners Island & 735 Fathom, San Mateo, CA
  • Type: Multifamily
  • Profile: Value-Add
  • Units: 45
  • Rentable Area:
  • Date Acquired: October, 2012

Mariner’s West Apartments

  • San Mateo, California

Mariner’s West Apartments was acquired by Ridge for $11 million in partnership with its institutional capital partners in 2012. The property is a Class B, two-building, multifamily property that was built in 1979 and located near Hwy 92 and 101 on the San Francisco peninsula. Ridge completed a substantial renovation of the property, generating market-leading rents and an over 80% improvement in year-over-year operating income. The property was sold in 2014 at a rate of return in excess of 35% over the hold period.