Sherwood Oaks Apartments | Fairfax, California
Westbridge Properties acquired the 80-unit Sherwood Oaks Apartments in August 2008. Bought at a significant discount to sales prices of competitive properties throughout Marin County, Westbridge is infusing an additional $1.5M ($18,750 per unit) into major aesthetic improvements and modernizing unit interiors. Because of their conservative cost basis, Westbridge expects Sherwood to compete in quality with Marin's finest apartment communities while maintaining the flexibility of pricing rents at a discount to competitors.
Allegro Student Apartments | Rohnert Park, California
Acquired in March 2008, the Allegro Student Apartments is located less than one mile west of Sonoma State University in Rohnert Park, California. Consisting entirely of four-bedroom units, Allegro was developed specifically for students and currently houses in excess of 140 Sonoma State undergraduates, each renting "by-the-bedroom." Since acquiring Allegro, Westbridge has invested in excess of $400,000 to cure deferred maintenance, enhance the property's exterior and implement popular common area amenities such as study lounges and screening rooms.
Arterra Apartment Homes | Kent, Washington
Westbridge Properties, in conjunction with Pacific Coast Capital Partners (PCCP) investing on behalf of CalSTRS, acquired the 81-unit Arterra Apartment Homes in December 2007. Located in the South King County suburb of Kent, Washington, Arterra consists almost entirely of large three-bedroom townhomes with attached direct-access garages. Through a $1.5M ($18,500 per unit) repositioning effort, Westbridge has been able to significantly improve the appearance and reputation of Arterra, attract new high-quality residents and sign leases well above originally projected post-renovation rents.
Creekside Village | Vancouver, Washington
Westbridge Properties, in conjunction with Pacific Coast Capital Partners investing on behalf of CalSTRS, acquired the 132-unit Creekside Village apartment community in July 2007. Located in Vancouver, Washington, a bedroom community to Portland, Oregon, a majority of the units at Creekside are large two- and three-bedroom townhomes with direct-access garages. Westbridge is currently investing $2M ($15,000 per unit) to cure deferred maintenance, enhance the property's curb appeal, upgrade the common areas and drastically improve unit interiors.