Bridge Partners Acquires Waterford Cove
October 18th, 2017
Bridge Partners (BP), a multifamily real estate investment firm located in Walnut Creek, California, has purchased Waterford Cove Apartments, 188 units located in Sacramento, CA. The asset is the fourth property purchased by BP Fund II, a value-add multifamily equity fund raised in late 2016.
Waterford Cove is a 188 unit conventional apartment community located in the desirable Pocket area of Sacramento just 10 minutes south of downtown Sacramento. The Pocket offers strong schools and an established community of high-end residential homes in a unique lake side neighborhood.
Waterford Cove represents a prime value-add opportunity. The unit interiors remain untouched from the 1980’s and the property’s amenities and clubhouse are primed for a renovation and expansion. BP intends to renovate the interiors and improve the amenities to capture higher rent levels. FPI will help BP manage day to day operations and oversee the renovation of the property.
Bridge Partners worked with CBRE’s San Francisco office to assume the existing Freddie Mac first and second loans and simultaneously add a third loan in a quick and efficient closing