A 137-unit apartment complex near downtown Brentwood was recently acquired by Ridge Capital Investors, LLC for $19.6 million. The new owners plan to invest $1 million in renovations at TownCentre Commons.
The complex is 97 percent leased and FPI Management Inc. will manage daily on-site operations on behalf of Ridge Capital. TownCentre was developed in two phases in 1991 and 1997 and is situated near Liberty High School and the new Brentwood Civic Center.
Ridge Capital is a San Francisco based real estate investment and operating firm that invests in apartments and commercial properties throughout the Bay Area and beyond. This acquisition is the first investment that the company has made with capital partner Redwood Real Estate Partners of Rancho Santa Margarita.