SAN FRANCISCO—A joint venture composed of Ridge Capital Investors LLC and Redwood Real Estate Partners, has acquired Saratoga Downs Apartments and Sheveland Ranch Townhomes for $39.5 million. The adjoining class-A properties, totaling 178 units, will be combined and rebranded to the Saratoga Downs at Sheveland Ranch.

“Saratoga Downs at Sheveland Ranch offers the most diverse range of unit types and sizes in the market, and is the only property to offer new townhomes up to four bedrooms in size in a neighborhood environment,” said Trevor Wilson, managing director of Ridge Capital Investors.

Built in 2006 and 2012 respectively, Saratoga Downs Apartments contains 124 units while  Sheveland Ranch Townhomes is a 54-unit townhome property. During the next year, the buyer plans to upgrade the clubhouse, amenities and unit interiors. FPI Management Inc. has been tapped to manage the property.

“Upon completion of our repositioning program, Saratoga Downs will offer the highest quality rental living experience in the Napa Valley, a market that has shown resilience in downturns and a healthy bounce back over the last 24 months,” Wilson said.

Vince Schwab of Marcus & Millichap’s San Francisco Office represented both the buyer and seller in the transaction.