Sares Regis Fund II Acquires Mission Valley, San Diego Community
SARES•REGIS Multifamily Value-Add Fund II, L.P. (SRMF VA-II) has recently acquired Bella Posta, a 344-unit Class B apartment community. The community consists of 4 three-story buildings with a mix of one and two-bedroom floorplans. The units are well-designed an include central heat and air along with generous storage spaces. Community amenities include elevator service, two pools and spas, fitness and club spaces, and expansive common areas. The previous owner, also the original developer, had kept up with deferred maintenance but had failed to modernize the community. SRMF VA-II plans to renovate unit interiors, utilize the common area space to offer superior amenities, and transform the exteriors of the buildings in order to bring the effective age down to that of Bella Posta’s high-end Mission Valley competitors.
Bella Posta is centrally located in San Diego’s Mission Valley. This area offers excellent access to the white-collar employment centers of Downtown, UTC and Kearney Mesa. Recreational and retail amenities are plentiful in both Mission Valley and the adjacent neighborhoods of North Park and Normal Heights. The community is 350 yards from the Green Line Trolley station which serves all of Mission Valley, San Diego State University, Old Town, and Downtown. The Trolley will offer a future connection to UTC and University of San Diego. Directly across the 15 freeway from Bella Posta is the former Qualcomm Stadium. The 100+ acre site is being redeveloped, possibly becoming an expansion of San Diego State University. This redevelopment should further increase demand for housing in the immediate area.