Bridge Partners Acquires Sonoma Ridge Apartments
October 24th, 2016
Santa Rosa, CA
Bridge Partners, a multifamily real estate investment firm located in Walnut Creek, California, has purchased Sonoma Ridge at Bennett Valley, a 180 unit value-add apartment community located in Santa Rosa, California.
Located in the heart of Sonoma County and wine country, Santa Rosa offers direct access to the Northern California coastline and employment bases throughout the North Bay Area and San Francisco. Sonoma Ridge is located in the affluent Bennett Valley neighborhood of Santa Rosa and features high quality schools and retail options. The property benefits from Santa Rosa’s strong rental market, which has seen 6% to 10% rent growth in each of the past three years and remains supply constrained with a vacancy rate of 2.4% as of Q2 2016.
Bridge’s value-add plan for Sonoma Ridge includes re-configuring the clubhouse and upgrading common area amenities, along with a modern interior renovation of the property’s spacious units. Bridge will partner with FPI Management as its third party property management company to improve property operations and oversee the renovations on the ground. Bridge secured favorable Fannie Mae financing with CBRE.