Fund II Completes First Disposition
Vista Pointe, located in Covina, California, was sold on September 7, 2018 for $61,500,000 ($284,722 per unit) to highly motivated California-based private investor.
In August 2015, the Sares Regis Multifamily Fund II, L.P. acquired Vista Pointe as its first Fund II portfolio acquisition for $45,150,000 ($209,028 per unit). Built in 1985, this 216-unit Class B+ property is situated on 10.8 acres and is conveniently located near major San Gabriel Valley centers of employment such as Pasadena and the City of Industry; plus adjacent downtown Los Angeles and Orange County. Given the good condition of the exteriors, the property received a cosmetic “Mediterranean” themed makeover to revitalize the look and feel of the community. The major focus of the value-add renovation plan was in both unit interiors and common area amenities.
Unit interior renovations included wood-inspired plank flooring, new cabinet faces, new countertops, the addition of stainless steel appliances, and modern light fixtures. Additionally, all units were retrofitted with in-unit washer/dryers. Common area upgrades included repurposing the existing tennis court into a multi-sports court with an outdoor living space, opening the leasing office floorplan, creating a resident refreshment area, building a new fitness center, and creating a new entertainment cabana room. The pool area also received new furnishings, cabanas, resort-like shade sails, a fire-pit, and an outdoor kitchen.
All renovations were completed on natural unit turns, on-time and under budget, and within three years.