San Francisco—The Heritage Group, a San Diego-based commercial real estate management and investment advisory firm, has raised the capital for two San Francisco Bay area multifamily properties acquired by Ridge Capital Investors.
“Both properties are in core Bay Area locations, but were acquired at an attractive basis,” Rocco Cortese, managing partner, The Heritage Group, tells MHN. “Ridge Capital Investors has plans for capital improvements that will ultimately generate significant rent growth to market and, accordingly, significant increases in value.”
The first property that was closed is Town Center Commons, which is located in Brentwood, Calif. Town Center Commons includes 137 units and was closed this September. Ridge Capital Investors is planning to invest an additional $1 million to renovate the property.
The second property, which was closed in October, is called Mariner’s West Apartments, and is located in San Mateo, Calif. Mariner’s West includes 45 units with one- and two-bedroom floor plans. According to Cortese, this community is located in a master plan with an HOA that encompasses several other properties. Amenities for Mariner’s West include two pools, a spa, sauna, clubhouse, fitness center, boat storage, playground, barbecue area and boat launch.
Town Center Commons was purchased for $10.95 million, and Mariner’s West was purchased for $19.62 million.
“At Heritage, we look for best-in-class sponsorship groups that have a history of successfully deploying capital into commercial real estate,” Cortese said. “Our association with Ridge Capital Investors stems from a long-standing relationship with its principals. We know their track record well and have every confidence in their ability to execute the strategies put forth in their business plans for these properties.”