PRLog - Nov. 9, 2012 - San Francisco, CA – Ridge Capital Investors, LLC has acquired Mariner’s West Apartments, a 45-unit apartment community in San Mateo, California for $10.95 million. The two building property was developed in 1979 and is located in the heart of the mid-peninsula office market, just ½ mile north of Hwy 92 and 1 mile east of Hwy 101, and is in close proximity to Bridgepointe Shopping Center.
Ridge will execute an extensive interior and exterior renovation plan on the 100% leased property over the first year of ownership, bringing it to a quality level exceeding its competitive set. FPI Management, Inc. will manage day to day property operations on behalf of the company.
“This is an irreplaceable asset in one of the best apartment markets in the country and we will be repositioning Mariner’s West to capture the improving market dynamics that are being seen up and down the peninsula”, commented Trevor Wilson, managing director of Ridge Capital Investors, LLC. The San Mateo market currently stands at just under 97% occupancy with rental increases in excess of 20% over the past eighteen months.
Over the next twelve months, the company plans to invest $50 million of equity in both multifamily and commercial properties.
Ridge Capital Investors, LLC, http://ridgecapitalinv.com/
Headquartered in Rancho Santa Margarita, California, Redwood Real Estate Partners is a privately-owned entrepreneurial real estate investment and asset management company founded by Carl Chang and the Chang Family. Redwood Real Estate Partners capital investment comes directly out of the $250 million Redwood-Kairos Real Estate Fund III which is a co-mingled private equity fund comprised of high net worth individuals, endowments and The Chang Family.