REDMOND, WA - SARES-REGIS Multifamily Fund, L.P. completed its second acquisition with the purchase of Sammamish Ridge Apartments, a 96-unit community in Redmond, Washington.
"This community fits with all aspects of our value-add strategy, including location. It is two miles from Microsoft's world headquarters and one mile from downtown," said Ken Gladstein, the fund's Co-Chief Investment Officer. "Redmond is one of the most sought-after submarkets in the Puget Sound region due to its high-tech employment base and thriving city center."
Built in 1981, the property is comprised entirely of two-bedroom, two-bath apartments in eight three-story buildings. Each apartment is 1,004 square feet and includes a washer and dryer. Amenities include a pool, spa, fitness center, media room and business center.
Planned improvements to unit interiors include upgraded plank flooring, stainless appliances, upgraded lighting and hardware, new paint, carpet, interior doors and counter-tops. Improvements also will be made to building exteriors, landscaping, common areas and amenities.
Gladstein said capital improvement efforts by prior owners were inconsistent. "Now with improving economic conditions, tightening occupancies and growing rents, a more focused value-add strategy makes sense. This is especially true in a high income and job-rich submarket like Redmond, which possesses similar characteristics to the Bay Area," he said.
SARES-REGIS Multifamily Fund intends to acquire a diversified portfolio of other well-located properties primarily in coastal California, Seattle and Denver, as well as Portland and Phoenix.
"The fund has a focused, well-defined, value-add strategy to purchase, manage, reposition, aggressively operate and sell high-quality multifamily assets in major western U.S. markets," Gladstein said.
The fund was launched this year by SARES-REGIS Group with more than $100 million in equity commitments, giving the fund the ability to acquire more than $300 million in assets.
SARES-REGIS Group manages a portfolio of more than 15,000 apartments units for its partners and investor clients valued at more than $2.5 billion. Since its inception in 1993, SARES-REGIS Group has acquired or developed 20,000 homes and apartments valued at more than $3.4 billion throughout California, Colorado, and Arizona. SARES-REGIS Group is also California's leading privately held developer of LEED-certified apartments.