San Luis Obispo, Calif. — The apartments represents the firm’s strategy to acquire value-add properties in high-demand markets.
San Luis Obispo, Calif. — Bridge Partners has acquired El Dorado Apartments, a 77-bed community near California Polytechnic State University at San Luis Obispo. Bridge Partners completed the off-market transaction with a private owner within 60 days after executing a contract. Nathan Blair from Arroyo & Co (now with HFF in San Francisco) represented Bridge Partners on this transaction. El Dorado Apartments is a 1960’s vintage apartment complex located about half a mile southwest of the Cal Poly SLO campus.
The investment was funded at its originally contracted price of $7.7 million using JP Morgan Chase debt financing. Within the next year, Bridge Partners plans to engage Cal West Property Management to complete $7,000 per unit in immediate capital improvements, including exterior paint, new signage, landscaping upgrades along with a comprehensive improvement of unit interiors. Bridge Partners says this capital program will contribute to significant income growth in an undersupplied market. The property is currently 100 percent pre-leased for the 2013-14 academic year. Bridge Partners is actively seeking additional new value-add investments.
In the past year, Bridge Partners has acquired student housing properties near the University of Illinois, Michigan State University and the University of California, Davis.