Mariner’s West Apartments
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.