|Address:||2237-2257 Hurley Way|
|Type:||Class B Apartments|
|Date Acquired:||December 2019|
Ridge acquired Sterling Pointe on an off-market basis at a price of $33 million ($132k/unit, $184 psf), which compared very favorably to recent trades in the surrounding area. The property consists of two multi-family properties that are physically contiguous and currently operated as one asset. The properties are located at 2237 and 2257 Hurley Way, Sacramento, CA. The western complex contains 120 units, with the remaining 130 units in the eastern complex. Combined, the property sits on 8.91 acres with ample parking, two swimming pools, mature landscaped areas, and two small clubhouses/leasing offices.
The property is well located within the amenity rich southern Arden-Arcade submarket of Sacramento– a convenient, infill “B+” location. The business plan contemplates an investment of approximately $10.95MM ($44k/unit) to bring Sterling Pointe to the top of its competitive set.