Sares Regis Multifamily Fund I Sells San Diego County Community
Alta Vista Apartment Homes, located in Escondido, California, was sold on December 20, 2017 for $34,250,000 ($335,784 per unit). Sares Regis Multifamily Fund I, L.P. purchased the community in August of 2014 for $23,800,000 ($233,333 per unit).
Originally developed and constructed by the Multifamily division of Sares Regis Group in 2000, this 102-unit Class B two-story garden-style apartment community is located just off the 15 and 78 freeways in Northeast San Diego County. Given the relatively good condition of building exteriors, the value-add renovation plan including enhancing amenities and upgrading unit interiors. Common area renovations included interior design refresh of the leasing center and pool area, landscaping, and new fitness equipment. Unit interior renovations included new stainless steel appliances and sinks, quartz countertops, a cabinet face redesign, upgraded kitchen lighting, fixtures, and new window treatments.
The property was extensively marketing in a competitive bidding process and was sold to a California-based private investor.