SARES REGIS Acquires M-F Property in Escondido, Plans Makeover
- Sep 18, 2014
An Escondido apartment property has come under the ownership of SARES REGIS Multifamily Fund. The buyer acquired the 102-unit Alta Vista residential community in a deal that also included a property in Portland, Ore.
SARES REGIS now owns eight multi-family properties and 1,220 units in California, Oregon, Colorado and Washington. The fund was capitalized last year at $114 million.
Completed in 2000, Alta Vista offers one-, two- and three-bedroom units. Residences average 958 square feet in size, while the community offers amenities such as in-unit washers and dryers and panoramic views of the valley.
SARES REGIS plans a major upgrade for the B-plus property that will add two-tone designer paint, stainless steel kitchen appliances, sinks and granite countertops, upgraded lighting, extended plank vinyl flooring and upgraded horizontal blinds. Common areas will get a makeover, including fitness center equipment, pool, sun deck and landscaping, as well as the leasing center.
Image courtesy of srgliving.com