Saratoga Downs at Sheveland Ranch was acquired by Ridge for $39.5 million in partnership with its institutional capital partners in 2013. The property is a Class A multifamily property originally developed as apartments and for-sale townhomes in two phases (2006/124 Units, 2012/54 Units). Located in Napa, CA, the asset was purchased from the original developer. Ridge implemented a physical repositioning that included an upgrade to the interiors, exterior finishes and the construction of a new amenity base and clubhouse. The property was acquired off-market at a substantial discount to replacement cost
The property was sold in Q1/2015 for $58 million, setting a per-unit record price for the market and generating an IRR in excess of 40%.