Canyon Ridge Apartments Sell to Bridge Housing

Affordable housing specialist Bridge Housing has added another Bay Area apartment community to its portfolio.

The San Francisco-based firm bought the 148-unit Canyon Ridge at Napa Junction in the municipality of American Canyon for $57 million, Multi-Housing News reported. The seller was San Francisco-based The Reliant Group, which fetched $385,135 per unit, according to Yardi Matrix data cited by Multi-Housing News.

Bridge owns a total of 93 multifamily assets in California, with 27 of those in the San Francisco Bay area.

Bridge made its latest purchase with the help of a 10-year $35 million acquisition loan from Capital One, according to the publication.

Canyon Ridge at Napa Junction opened to residents in 2016 on a 6-acre site at 800 Reliant Way. The complex consists of seven two- and three-story buildings containing 74 one-bedroom and 74 two-bedroom units, each ranging between 792 and 1,123 square feet. Resident amenities at the property include a swimming pool, fitness center, playground, pet spa, yoga studio and direct-entry parking garages.

The Canyon Ridge community is located a stone’s throw from California State Route 29 and sits next to businesses like Walmart Supercenter, Dunkin’, Taco Bell, and Sonic. Another apartment community, The Lodge at Napa Junction, is located on the other side of the Walmart.

In the San Pablo Bay region, where American Canyon is located, Bridge is also the owner of the Redwood Shores residences at 400 Redwood Street in Vallejo; the Alto Station Apartments at 290 Camino Alto Street in Mill Valley; the Doretha Mitchell Apartments at 34-54 Terrace Drive in Sausalito; the Marina Tower Apartments at 601 Sacramento Street in Vallejo; the nearby Marina Towers Annex at 575 Sacramento Street in Vallejo; Richmond City Center at 1000 MacDonald Avenue in Richmond; The Carquinez at 400 Harbour Way in Richmond; and the Mayfair Affordable Apartments at 11600 San Pablo Avenue in El Cerrito.

— Chris Malone Méndez