Bridge Partners Acquires Waterford Place in Folsom, CA for $53M
February 16th, 2016
Bridge Partners recently completed the purchase of Waterford Place Apartments in Folsom, CA. Bridge’s investment in Waterford Place includes 290 of the property’s 324 total condominium units. Bridge assumed the existing Fannie Mae loan and secured a new supplemental loan in a quick 60-day contract to close timeline.
Waterford Place is a Class A property which sits in a premier location within Folsom, one of Sacramento’s strongest submarkets. The property is located within one mile of Intel’s 6300 employee campus, Folsom High School, and the Folsom Premium Outlets. It also boasts easy access to Highway 50 and Downtown Sacramento.
Founded in 1990, Bridge Partners specializes in the acquisition, renovation, and management of multifamily and hospitality properties nationwide. Bridge Partners has completed over 200 transactions across 23 states and over 50 domestic markets. Its existing portfolio features 5,500 units across 15 states. In its 25 year history, Bridge Partners has zero credit defaults in all of its lending channels including: Fannie Mae, Freddie Mac, HUD, CMBS, along with various balance sheet and unsecured capital products. Bridge Partners is actively seeking additional investments that fit within its business plans, as indicated by the acquisition criteria shown to the left.