On October 18, 2021, Sares Regis Multifamily Value-Add Fund II, L.P (“SRMF VA-II) ”) announced the sale of Monterra in Mill Creek to a California-based publicly traded REIT.
SRMF VA-II acquired Monterra in Mill Creek, a 139-unit Class B garden-style apartment community comprised of 17, two-story buildings and a leasing center in January 2018. Built in 2003 and surrounded by lush vegetation and walking trails, the property is situated on 8.5 acres and offers convenient access to Interstates 5 & 405 for an easy commute to downtown Seattle. The renovation plan included a major redesign to the leasing office and club area/fitness room, upgrading the other common areas to an amenity-oriented design, as well as the implementation of a comprehensive renovation program in all interior units; all of which was completed on schedule and budget.
With renovations completed and operations stabilized, Monterra was sold to a California-based publicly traded REIT.