SAN FRANCISCO-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that Ridge Capital Investors LLC and Redwood Real Estate Partners have acquired Saratoga Downs Apartments, a 124-unit apartment community, and Sheveland Ranch Townhomes, a 54-unit townhome development, both just south of downtown Napa, CA for a combined price of $39.5 million.
Over the first year of its ownership, the company plans to bring the property's physical quality and overall tenant experience to the top of the market via a substantial augmentation to the existing clubhouse, amenities and interior unit finishes. FPI Management Inc. will manage the property on behalf of the owner.
“Saratoga Downs at Sheveland Ranch offers the most diverse range of unit types and sizes in the market, and is the only property to offer new townhomes up to four bedrooms in size in a neighborhood environment,” says Trevor Wilson, managing director of Ridge Capital Investors. “Upon completion of our repositioning program, Saratoga Downs will offer the highest quality rental living experience in the Napa Valley, a market that has shown resilience in downturns and a healthy bounce back over the last 24 months.”
The Napa market currently stands at 96% occupancy with rental increases in excess of 15% over the past two years, Wilson adds.
The contiguous class A properties were developed in 2006 and 2012, respectively. The combination of the properties, for a total of 178 units, creates an institutional sized asset that represents the newest apartment product in the Napa market. The combined property has been rebranded as Saratoga Downs at Sheveland Ranch.
This is the fifth investment for Ridge Capital Investors in the last 12 months, and its third with Redwood. Over the next twelve months, the company plans to invest $50 million of equity in both multifamily and commercial properties in the Bay Area.
Vince Schwab of Marcus & Millichap's San Francisco Office exclusively represented the seller and the buyers. Originally marketing just the 54-unit Townhomes, Schwab was able to assemble the adjacent 124 units for purchase, according to a prepared statement.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
