Ridge acquired the 30 unit, Tuscana Townhomes in Tracy, California, in 4Q2016. Tuscana is a high quality multifamily asset built in 2007 and the property showcases modern and functional two and three-bedroom townhouse style floorplans, each with a private enclosed garage space. The lush, well-maintained landscaping and surrounding single family homes add to the community’s appeal.
At the all-in basis of just over $7.4 million ($247K/unit, $238/psf), Tuscana represents not only an attractive discount to replacement cost, but also a compelling stabilized cap rate yield on cost of approximately 7% for a high-quality, northern California property.