Bridge Investment Group Buys $72M North Bay Community
Cushman & Wakefield brokered the transaction on behalf of the seller.
Bridge Investment Group has acquired ReNew on Sunset, a 224-unit community in San Francisco’s North Bay area, for $72 million. FPA Multifamily sold the asset, previously bought in 2019 for $51.7 million, Yardi Matrix data shows. Cushman & Wakefield advised the seller.
Completed in 1985, the property spans 10.1 acres and comprises 22 buildings with one- and two-bedroom floorplans, varying from 629 to 875 square feet with in-unit washers and dryers and private balconies or patios. Community amenities include a swimming pool, fitness center, pet spa and picnic area. The previous owner invested $3 million to upgrade the property exterior and renovate 87 units.
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Located at 831 Pintail Drive in Suisun City, Calif., the community is within half a mile of Sunset Center, including various retail and dining options. Highway 12 is half a mile south of the property, connecting it to Interstate 80.
ReNew on Sunset maintains a constant 98 percent occupancy rate, Cushman & Wakefield’s Jason Parr mentioned in prepared remarks. Parr worked together with Scott MacDonald, John Hansen, Michael Bissada and Sydney Ladrech in representing FPA Multifamily.
Bridge Investment Group currently owns more than 49,700 units across several markets, according to Yardi Matrix information. Recently, the company partnered with CEDARst Cos. to develop 4135 Park Blvd., a 190-unit project in San Diego, slated for delivery in 2024.