Ridge Capital Investors and Contrarian Capital Management have acquired a 250-unit, suburban Sacramento, Calif., apartment community for $33 million.
Sterling Pointe, located at 2237 and 2257 Hurley Way, is a class B apartment community built in 1972 in the Arden-Arcade submarket of Sacramento. The ownership group will execute a significant renovation program that will consist of substantial improvements to unit interiors and exteriors, as well as upgrades to property amenities, branding and signage. Upon completion, Sterling Pointe will compete directly with comparable class B+ and A- properties. This investment is the eighth apartment acquisition by Ridge in the Sacramento region since 2014, representing an investment of more than $150 million.
A primary driver for Ridge’s investment is the consistently healthy Sacramento housing dynamic, which has propelled the region to a top-tier rental growth market over the last five years. Much of this performance is a resul
