The sign for Ridgemont Apartments is pictured here in Red Bank. / Photo by Dave Flessner
One of the biggest apartment complexes in Red Bank has a new owner and will soon get a new look.
Timberland Partners, a Bloomington, Minnesota-based real estate investment, management, and development firm, partnered with LEM Capital in Philadelphia this month to purchase the 266-unit Ridgemont Apartments at Stringer’s Ridge for nearly $21 million. The new owners plan to spend nearly $3 million more to upgrade the 30-year-old complex over the next few years.
“We’re excited about this project and its future,” Aaron Spiegle, acquisition specialist for Timberland Partners, said Wednesday.
The new owners plan to repaint the exterior, upgrade the landscape and add a new dog wash and bike repair station. Over the next couple of years, Timberland also plans to finish the interior renovations of the apartment units begun by the previous owner, Ellington Capital Group which had owned Ridgemont Apartments for the past four years.
“Having one of the trail heads for Stringer’s Ridge at the property has brought a lot of bike owners and pet owners to this complex so we think these new facilities will be used a lot,” Spiegle said.