Ridge Capital Sells Ukiah Apartment Portfolio for $23.5M

Ridge Capital has sold a two-property apartment portfolio in Ukiah for $23.5 million, Connect CRE first reported, and the new owner’s name does not appear in the announcement. The deal combines Sierra Sunset Village, a 68-unit development at 531 Capps Land whose mostly two-bedroom floor plans come with open layouts, stainless appliances, and central air, with Alderwood Apartments, a 53-unit property at 1450 S. State Street that mixes two- and three-bedroom units with covered garage parking and grilling areas. Zach LeBeouf and Anthony Pappageorge of Northmarq’s Walnut Creek investment sales team represented the seller.

Across 121 units, the $23.5 million price works out to roughly $194,000 per unit—a number that only makes sense if the buyer is underwriting the existing rent roll and the upside from renovating it, rather than paying for land or a future development site. The deal matches the pattern this publication has tracked in apartment deals: as cap rates reset, capital has been paying for operations and renovation upside.

Modest next to the billion-dollar portfolio trades that dominate multifamily headlines, the Ukiah sale still tests the same question: what is a stabilized apartment unit worth in a market where rate resets have redrawn the math? At $23.5 million, the answer is a price the property’s income has to support. That is likely why the buyer kept the price in focus and the name off the announcement—the bid is a cash-flow trade at under $200,000 a unit, and the unnamed investor has effectively set the yield as the asset.