Sares Regis Multifamily Funds Announces the Sale of Sedona Ridge in Phoenix, Arizona
On July 16, 2021, Sares Regis Multifamily Value-Add Fund III, L.P (“SRMF VA-III) sold Sedona Ridge, located in Phoenix, Arizona outperforming underwriting target returns.
SRMF VA-III acquired Sedona Ridge; a 250-unit Class A garden-style apartment community comprised of 16 two-story buildings in October 2018. Built in 1989, the property is situated on 13.7 acres nestled along the Ahwatukee Foothills within the Phoenix metro. The property offers convenient freeway access to major job corridors as well as shopping and entertainment venues. With the previous owner having had maintained the property in good condition, the renovation plan focused on upgrades to the exteriors and common areas as well as execution of an interior renovation program; all of which was completed ahead of schedule and under budget.