BRIDGE Pays $57M for Bay Area Community
This is the first time the property changes hands.
BRIDGE Housing has purchased Canyon Ridge at Napa Junction, a 148-unit community in American Canyon, Calif., from The Reliant Group. The buyer paid $57 million for the asset, or $385,135 per unit, according to Yardi Matrix information.
To aid the transaction, Capital One issued a 10-year $35 million acquisition loan, the same source shows. Institutional Property Advisors brokered the sale.
BRIDGE Housing owns a total of 93 multifamily assets in the state of California, out of which 27 are in the Bay Area.
Canyon Ridge came online in 2016 at 800 Reliant Way, on a 6-acre site. The community features seven two- and three-story buildings enclosing 74 one-bedroom and 74 two-bedroom units. The apartments range between 792 and 1,123 square feet. Amenities at the pet-friendly property include a swimming pool, fitness center, playground, pet spa, yoga studio and direct-entry garages.
The community is just off California State Route 29, adjacent to a Walmart Superstore and 40 miles northeast of downtown San Francisco. Major thoroughfares in the area also include California State Route 12, as well as interstates 80 and 680. Napa County Airport is within 4 miles northwest.
Institutional Property Advisors Executive Managing Directors Salvatore Saglimbeni, Philip Saglimbeni and Stanford Jones, together with Senior Directors Alex Tartaglia and Rob LeDoux, brokered the transaction.
San Francisco maintains its balance
In the first eight months of the year, the Bay Area registered $843.8 million in multifamily investment sales, with 13 properties trading at an average per-unit price of $636,517, according to Yardi Matrix data. Although the 42 assets that changed hands during the same time last year amounted to a significantly higher figure, namely $2.3 billion, the average price per unit was lower, respectively $485,386.
Average advertised asking rents in San Francisco rose 0.5 percent to $2,880 on a trailing three-month basis through May, according to a recent Yardi Matrix metro report. Though supply surged in 2024, San Francisco’s overall occupancy was not affected. Even more so, occupancy rates were up 10 basis points to 95.4 percent as of April, 100 basis points higher than the national average during that month.
