Sares Regis Multifamily Funds Announces the Sale of Desert Parks Vista in Scottsdale, Arizona

On July 7, 2021, Sares Regis Multifamily Value-Add Fund III, L.P (“SRMF VA-III) announced the sale of Desert Parks Vista, located in Scottsdale, Arizona at results that outperformed underwriting target returns.

SRMF VA-III acquired Desert Parks Vista, a 202-unit Class A garden-style apartment community comprised of 17 two-and-three story buildings in November 2018. The property was built in 2006 and it was originally conceived as condominiums. Given the prior owner’s diligent maintenance of the property, the renovation plan focused on providing exteriors and common areas with resort-level upgrades and contemporary touch to the unit interiors; all of which was completed on schedule and under budget.