Brentwood, Calif.—Ridge Capital Investors LLC has acquired TownCentre Commons Apartments, a 137-unit apartment property in Brentwood for about $19.6 million. The capital partner in the deal is Redwood Real Estate Partners of Rancho Santa Margarita, Calif.
TownCentre Commons was originally developed in two phases in 1991 and 1997 in Brentwood, a city in Contra Costa County, in the East Bay region. The property is located in the newly revitalized downtown area of the city, close to the recently completed Civic Center.
Currently the TownCentre Commons is 97 percent occupied. The new owners plan to spend an additional $1 million to renovate the property and its amenities. FPI Management will manage day-to-day property operations on behalf of Ridge Capital.
The property is the third for Ridge Capital in the last 12 months, but its first with Redwood Real Estate Partners. San Francisco-based Ridge Capital specializes in multifamily and commercial property acquisition in the Bay Area and the Pacific Northwest.
Redwood is a privately owned real estate investment company founded by Carl Chang and the Chang Family. Redwood’s 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.