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Red Bridge Partners, LLC along with a single equity partner purchased this 28 unit/ground floor retail building on the corner of Van Ness Avenue & Bush Street. We acquired the building on February 28, 2014 for $3,375,000. On October 23, 2015, we sold the building for $9,999,999, a 196% increase in value. Over the course of 18 months and $1,500,000 of capital improvements we completely renovated every unit, overhauled all common areas, replaced all building systems, installed new windows, and painted the exterior. What was once the dilapidated and run down Sonoma Inn, is now a thriving "tech" residential building generating over $65k a month in income. Our equity partner realized a 129% return on equity (net), or 86.6% annualized.
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