SAN MATEO, CALIFORNIA
|Address:||730 Mariners Island & 735 Fathom|
San Mateo, CA
|Date Acquired:||October 2012|
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.