Newport Beach, CA – Sares Regis Multifamily Value-Add Fund II, L.P. is pleased to announce the sale of Victoria Arbors Apartments and another successful investment for its series of value-add multifamily funds. Sares Regis acquired Victoria Arbors in June 2017. Located in the Inland Empire, the property sits adjacent to Victoria Gardens, a one-of-a-kind retail, dining, and entertainment destination that serves as an epicenter of social activity in the region. The location also offers residents convenient access to excellent schools, parks, hiking trails, and recreational amenities.
The community comprises eight three-story walk-up buildings built in 2006 and sits on 13.2 acres of land. The renovation focused on modernizing unit interiors, including a redesign of the leasing center, clubhouse, and fitness facility. Outdoor areas were also improved, including the outdoor fireplace courtyard, the pool area and furnishing, and the addition of a fenced-in dog park. Unit interiors upgrades included faux wood plank vinyl flooring, warm two-tone paint, new quartz countertops, stainless-steel kitchen appliances, cabinet doors, plumbing fixtures, and modern lighting with stylish ceiling fans.
With strong performance throughout a difficult market environment over the past year, Victoria Arbors was marketed in a competitive bidding process and sold in June 2021 to a private investor, ultimately exceeding target returns for its Fund investors.