NAPA -- Fifty-four rental townhomes and a 124-unit apartment complex on the Sheveland Ranch property in south Napa sold to a San Francisco real estate investment firm for $39.5 million.
[caption id="attachment_72460" align="alignright" width="360"] Saratoga Downs Apartments (image credit: Ridge Capital Investors)[/caption]
Affiliates of Ridge Capital Investors, LLC (415-967-7800, ridgecapitalinv.com), purchased the Sheveland Ranch townhome parcels and the adjoining Saratoga Downs Apartments complex off Atrium Parkway from affiliates of the San Ramon-based developer and manager, Whitecastle Development and Castle Management, according to Marcus & Millichap agent Vince Schwab, who brokered both sides of the April 15 sale.
The first of the 27 Sheveland Ranch duplexes were completed in 2011, and the last dozen units were finished in September of last year. The 54 townhomes, which have three or four bedrooms and an average 1,900 square feet, are all leased. Saratoga Downs was built in 2006 and had one vacancy at the time of sale.
"They were not that interested in a project this small," Mr. Schwab said of Ridge Capital's reaction to the 54 townhome parcels when contacted with the offer. "The seller would only sell them tied together."
[caption id="attachment_72461" align="alignright" width="300"] Sheveland Ranch townhomes (image credit: Castle Management)[/caption]
Over the first year of its ownership, Ridge Capital plans to bring the property’s physical quality and overall tenant experience to the top of the market via a substantial augmentation to the existing clubhouse, amenities and interior unit finishes. FPI Management, Inc. will manage the property.
“Saratoga Downs at Sheveland Ranch offers the most diverse range of unit types and sizes in the market, and is the only property to offer new townhomes up to four bedrooms in size in a neighborhood environment,” said Trevor Wilson, Ridge Capital managing director. “Upon completion of our repositioning program, Saratoga Downs will offer the highest-quality rental living experience in the Napa Valley, a market that has shown resilience in downturns and a healthy bounce back over the last 24 months."