On October 14, 2021, Sares Regis Multifamily Value-Add Fund II, L.P (“SRMF VA-II) announced the sale of Solara Apartments located in the Lake City neighborhood of Seattle, Washington to a private investor.
SRMF VA-II acquired Solara, a 238-unit Class B+ apartment community comprised of podium-designed buildings atop 5,000 square feet of retail space as a mixed-use complex in December 2016. Developed in 2001 by the then-owner/developer, the property is situated on 1.9 acres in the North Seattle neighborhood of Lake City, an urban, high-amenity, pedestrian-friendly location with an array of retailers outside the front door. Residents enjoy an easy commute to downtown Seattle as well as walking-distance access to higher education facilities, coffee shops, restaurants, and boutiques. With well-maintained exteriors and the property in its original condition, the renovation plan focused on providing common area upgrades as well as the implementation of a comprehensive interior renovation program; all of which was completed on schedule and under budget.
Unit interior renovations included new hard surface countertops with cut-down bar tops, new kitchen and bath cabinet doors with repainted boxes, tile backsplashes, new low-flow plumbing fixtures, new stainless-steel kitchen appliances, upgraded plank vinyl flooring, warm two-tone paint, and modern halogen lighting.
Common area upgrades included redesign and refurnishing of the leasing office; installation of a package management system, bike storage area, and pet washroom; redesigning of the interior corridors; and new building signage. All planned renovations were completed, with interiors completed upon natural turnover.
With operations stabilized, Solara was extensively marketed in a competitive bidding process and sold to a California-based private investor.