SAN FRANCISCO-Those who follow @GlobeStcom onTwitter and @GlobeStLIVEmay have seen a post teasing the announcement, but GlobeSt.com haslearned that Ridge Capital Investors LLC andRedwood Real Estate Partners have acquiredSaratoga Downs Apartments, a 124-unit apartmentcommunity, and Sheveland Ranch Townhomes, a54-unit townhome development, both just south of downtown Napa, CAfor a combined price of $39.5 million.

Over the first year of its ownership, the company plans to bringthe property's physical quality and overall tenant experience tothe top of the market via a substantial augmentation to theexisting clubhouse, amenities and interior unit finishes.FPI Management Inc. will manage the property onbehalf of the owner.

“Saratoga Downs at Sheveland Ranch offers the most diverse rangeof unit types and sizes in the market, and is the only property tooffer new townhomes up to four bedrooms in size in a neighborhoodenvironment,” says Trevor Wilson, managingdirector of Ridge Capital Investors. “Upon completion of ourrepositioning program, Saratoga Downs will offer the highestquality rental living experience in the Napa Valley, a market thathas shown resilience in downturns and a healthy bounce back overthe last 24 months.”

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.