In partnership with IDEAL Capital Group, a lead operator out of the Central Valley in California, our investment group acquired the 300 unit Silver Ridge Apartments in September 2020 for $64M. The value-add strategy for the 1991 constructed property consisted of an overall rebrand as the Apex at Sky Valley. The capital expenditures included renovated exteriors and upgrading select interiors, adding community amenities such as outdoor fireplaces and upgrading the clubhouse, fitness center and outdoor pools. We sold the asset in June of 2022 for $101.25M and more than doubled investor equity from $24M to approximately $54M in approximately 18 months.
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