Newport Beach, CA – Sares Regis Multifamily Value-Add Fund II, L.P. began 2021 with the sale of Regatta Apartments in Northglenn, CO. This represents the fifth disposition for Fund II in the past 90 days.
Regatta was acquired in December 2016. Located in the north Denver submarket of Northglenn, seven miles from Downtown and built-in 2002, the property is served by several transportation corridors and a new light rail station minutes from the property.
Regatta is a three-story, garden-style community with a pool, spa, extensive club, and amenity spaces and garages. The prior ownership begin updating a small segment of the units which provided an excellent value-add opportunity for Fund II to continue and expand the enhancement program.
The renovation was focused on modernizing unit interiors and upgrading the common areas to create a more attractive amenities package. This included remodeling of the leasing office, club space and fitness facility as well as the conversion of a laundry facility into a combination of dog washing station and bike repair shop.
Renovations were completed last year. The property was marketed in late September by CBRE and sold to a private investor at the end of January.