Sares Regis Multifamily Value-Add Fund III, LP ("SRMF VA-III") sold Mountain Park, a 240-unit garden-style community in Phoenix, Arizona, on February 17, 2023. The property is located in a desirable area of the Ahwatukee Foothills, with easy access to major highways, shopping, dining, and entertainment. It also has a variety of amenities, including a clubhouse, lounge, kitchen, fitness facility, two resort-style pools and spas, and covered parking.
SRMF VA-III purchased the property in January 2020 and made significant renovations, including updating all of the unit interiors, and enhancing the common areas and property amenities. With the completion of renovations and stabilization of operations, the property was then competitively marketed and sold to an institutional investor, generating returns that exceeded target underwriting.