SARES REGIS Acquires M-F Property in Escondido, Plans Makeover

An Escondido apartment community recently traded hands as part of a 300-unit acquisition completed by the SARES REGIS Multifamily Fund. The buyer acquired the Alta Vista residential property in the north San Diego County in a deal that also included the Portland, OR community of Westview Heights. The two deals bring the buyer’s current multifamily portfolio to eight properties and 1,220 apartments in the Western states of California, Oregon, Colorado and Washington. The fund was created last year with $114 million.

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