Sares Regis Multifamily Funds Announces the Sale of Four Apartment Communities
Newport Beach, CA – Sares Regis Multifamily Value-Add Fund II, L.P. sold four multifamily communities in separate transactions in December 2020: Alanza Place and Allegro at Foothills, both located in Phoenix, Arizona; Mission Trails in San Diego, California; and The Bluffs at Highlands Ranch in Denver, Colorado.
All four communities were acquired in the second half of 2016 and underwent extensive interior and exterior renovations. “Each of these properties represented a unique investment opportunity to enhance the respective communities and create value for our investors”, said Bill Montgomery, Chief Investment Officer for the Fund. After completing all planned exterior, common area, and interior unit renovations on time and within budget, the properties were marketed in a competitive bidding process.
The first transaction, Alanza Place, a 360-unit Class A luxury rental community, closed on December 8, 2020. Built-in 2002, the property is situated on 8.6 acres with access to multiple commerce hubs, entertainment, and outdoor recreation.
The second transaction, The Bluffs at Highlands Ranch, a 340-unit Class B apartment community, closed on December 15, 2020. The property is part of the Highlands Ranch 22,000 acre master-planned community situated 13 miles south of downtown Denver, Colorado. Built-in 1994, the property is located on 20.6 acres and provides residents access to expansive outdoor recreation, entertainment, and high-quality schools for their families in an affluent suburb.
The third transaction, Mission Trails, located within the Mission Valley East neighborhood in San Diego, California, closed on December 23, 2020. Built-in 1987, the property is situated on 4.5 acres. It offers residents convenient access to a full array of shopping, dining, and entertainment venues due to its central location in San Diego County.
The fourth and final transaction, Allegro at Foothills, a 264-unit Class A garden-style apartment community, was sold on December 30, 2020. Built-in 1996, the property is situated on 13 acres and offers residents easy access to employment, shopping, excellent schools, and various recreational activities throughout the southern Phoenix metro area.
“We are proud of our team’s execution on each of these investments, which aligned perfectly within our value-add strategy and exceeded targeted returns for our investors,” said Ken Gladstein, President of the Fund.