Clovis-based IDEAL Capital group has acquired the Cambridge Court apartment complex in Stockton. Cambridge Court photo

Clovis-based IDEAL Capital Group announced a new apartment complex acquisition in the North Valley.

An acquisition price for the 132-unit Cambridge Court Apartments in Stockton was not disclosed, but the investment group plans to spend about $1.5 million on exterior and common area renovations.

Built in 1996, Cambridge Court features two-, three- and four-bedroom units on a low-density, parklike setting. The units are rent restricted, according to a news release.

“Stockton is one of the last remaining affordable metropolitan areas in Northern California,” said Kevin Conway, managing director of IDEAL Capital Group. “Cambridge Court is a high-quality, affordable housing option. We plan on improving the physical condition of the site for our residents and operating Cambridge Court on behalf of our investors for the long-term, optimizing steady, passive cash flow during the hold period.”

CBRE’s Jeff Kunitz represented both the seller and IDEAL Capital Group.