Stoneridge is a 339 unit apartment property built in 1970 and located in the desirable community of Walnut Creek, CA immediately adjacent to Diablo Hills Golf Course.

The initial business plan for the asset was to reposition the property to generate a higher rental revenue stream.

In response to the steep market rent declines of 2002/3 Sares Regis of Northern California, LLC (SRGNC) drew on its unique knowledge of the for-sale residential market, entitlement expertise and longstanding political relationships to devise an alternative condominium exit strategy.

In February 2005, within 20 months of pursuing the alternative strategy, Sares Regis of Northern California, LLC (SRGNC) obtained the necessary condominium map entitlements and sold the asset to a converter for $85.7 million – generating a project level internal rate of return of 26.0% and project equity multiple of 2.86x over a three and a half year holding period.