SRG Fund I Sells 96-Units in Redmond, WA

September 1, 2017

Irvine and San Mateo, California

On September 1, 2017, Sares Regis Multifamily Fund, L.P. (“Fund I”) sold The Summit, located in Redmond, Washington, for $29.6 million ($308,333 per unit) to a private buyer. Fund I originally acquired The Summit, a 96-unit Class-B apartment community then known as Sammamish Ridge Apartment Homes, for $20,950,000 ($218,229 per unit). Built in 1981, the property is located approximately two miles from Microsoft Corporation headquarters at the intersection of two main arterial roads. The value-add renovation plan included a modernization of the existing clubhouse – expanding the common area floor plan to include a resident lounge with computer stations, a wood burning fireplace, and a 24-hour fitness center. Unit renovations included adding stainless steel appliances, new cabinets and countertops, new carpeting, updated lighting, brushed nickel fixtures, and window treatments.

SRG Fund I Sells 96-Units in Redmond, WA
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