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4/14/22
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Bridge Investment Group has acquired ReNew on Sunset, a 224-unit apartment community located in the Solano County city of Suisun City, for $72 mil, or $321.4k per unit. The asset was sold by FPA Multifamily.
Located at 831 Pintail Dr, ReNew on Sunset is situated on over 10 acres and consists of 68 one-bedroom/one-bathroom units, 136 two-bedroom/one-bathroom units and 20 two-bedroom/two-bathroom units. During its ownership, FPA invested more than $3 mil, or $13.5k per unit, in newly completed capital improvements since June 2019, which includes the renovation of 87 units, deck and balcony upgrades, a leasing office transformation, substantial exterior work, and more.
ReNew on Sunset features high-quality unit interiors with in-suite washer/dryers and attractive amenities including a pool/spa, fitness center, barbecue/picnic area, pet spa, controlled access, and covered parking.
Jason Parr, Scott MacDonald, John Hansen, Michael Bissada, and Sydney Ladrech with Cushman & Wakefield’s Multifamily Advisory Group in Northern California represented the seller in the transaction.
“ReNew on Sunset is a quality multifamily community that is well positioned with 98% occupancy and strategically located in the North Bay Area offering convenient access to major employment, freeways, amenities, and many nearby destinations from San Francisco to Napa Valley to Lake Tahoe and more,” said Parr. “This is one of the premier multifamily communities in the Fairfield-Suisun City area.”
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