Sares Regis Purchases First Fund III Asset in Northern California
SARES•REGIS Multifamily Value-Add Fund III, L.P. (SRMF VA-III) has recently acquired Park Crossing, a 200-unit Class B+ apartment community 2005. The property consists 10 two and three-story garden style buildings. Community amenities include a community club space with lounge area and kitchen, fitness facility, resort pool and spa including an outdoor fireplace for lounging. Park Crossing is situated at the midpoint between Northern California’s largest metropolitan hubs. Residents of Park Crossing enjoy easy commutes to the East Bay and San Francisco employment corridors and well as east to Davis and Sacramento, and west to Napa. Fairfield has experienced 31 percent rent growth over the last 36 months and an average occupancy of 96.4 percent in Q1 2018 (Yardi Matrix).
Park Crossing offers a mix of one bedroom, two bedroom and three bedroom floorplans, each with spacious layouts, in-unit washer/dryers, large kitchens, large balconies or patios, and nine-foot ceiling height in all units. Previous ownership has lightly renovated 34.5% of the apartment homes and SRMF VA-III believes that continuing the renovation, along with capturing loss to lease will yield an attractive return to Fund III investors.