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SACRAMENTO NEWS
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Ridge Capital Investors and Andell Inc Close $18 Mil Sacramento-Area Multifamily Buy

7/14/14

Ridge Capital Investors LLC and an affiliate of Andell Inc have acquired Sierra Ridge Apartments, a 136-unit property in the Sacramento area, for $18 mil ($132k/unit). The Class B+ property is located in the affluent suburb of Roseville in Sacramento, which is known for its high quality of life, excellent schools and easy access to major area employers.

Sierra Ridge was originally developed in 2000 and is a well-maintained, 99% occupied property. Since its development, Sierra Ridge has been a very strong performer, even during the downturn of 2008 through 2012. With plans to meaningfully reposition the unit interiors and the property exterior and amenities, Ridge will capitalize on the propertyís strong market position by bringing Sierra Ridge up to the level of the Class A competition.

Within the region, Roseville is one of the strongest performing submarkets. As of Q1 2014, year-over-year apartment rent growth has been reported as high as 9.5%, while vacancy decreased by 1.2% to 3.6%. The wider area that includes Roseville, Rocklin, El Dorado Hills and Folsom realized a 4.5% annual increase in rents over the same period.

Gary Gallelli and Rod Ballinger of Gallelli Real Estate represented the buyer and seller in the transaction. FPI Management will provide management services for the partnership. FPI is currently the 10th largest multifamily property management company in the nation, managing 72,000 units in 11 states.

Ridge has acquired over $250 million of office and apartment properties in northern California since 2012 and over the next twelve months the company plans to invest $50 million of equity in both multifamily and commercial properties within the region. This is Ridge and Andellís second joint venture investment in Sacramento in the last six months.






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