Town Centre Commons was acquired by Ridge in partnership with its institutional capital partners in 2012. The property is a Class B+ multifamily property originally developed as condominiums in two phases (1991/94 Units, 1997/43 Units). Located in Contra Costa County in central downtown Brentwood, CA, the asset was purchased from the original developer and was repositioned with upgrades to the interior improvements and amenities.
The property was acquired for $19.625 million ($143K/unit), which was meaningfully below replacement cost and comparable pricing. As a result of the low basis and successful repositioning program, this investment generated a deal level return (IRR) in excess of 20% over 3 years.