LAKE OSWEGO, OR - SARES-REGIS Multifamily Fund completed its fifth acquisition and first of 2014 with the closing of The Gables, a 129-unit community in Lake Oswego, Ore., 8 miles from downtown Portland.
“The Gables offers a solid value-add opportunity to renovate and reposition the property to compete with other communities in this premier Portland neighborhood, while capitalizing on the region’s significant employment and rental growth. The Gables is our Fund’s first Oregon acquisition and second in the Pacific Northwest,” said Kenneth Gladstein, Co-Chief Investment Officer of the SARES-REGIS Multifamily Fund.
The Gables was built in 1991 on 6.1 acres and has mature landscaping, a tranquil setting and sweeping views of the Tualatin Valley. The property has a mix of one- and two-bedroom apartments that average 969 square feet. Many apartments have lofts and each has a washer, dryer and private patio.
In addition to the Gable’s amenities, residents enjoy exclusive access to the Mountain Park Homeowner Association, which includes a staffed clubhouse, aquatic center, tennis courts, fitness center, parks, 175 acres of common property and 8 miles of trails. “Residents are attracted by the location, excellent schools and large average unit sizes offered at the property,” Gladstein said.
SARES-REGIS plans to modernize and upgrade The Gables’ clubhouse, media room, business center and pool area. The exterior will be painted and signage and curb-appeal will be improved. Interior renovations will include new cabinetry, granite countertops and stainless steel appliances in the kitchens as well as new paint, flooring and paneled doors. “The renovation will bring the property’s common areas and all 129 units to a high level of appearance and finish that will enable the Gables to compete with adjacent properties and capture similar rents,” Gladstein said.
The SARES-REGIS Multifamily Fund will continue to acquire a diversified portfolio of well-located properties primarily in coastal California, Seattle, Denver, Portland and Phoenix that fit the fund’s well-defined, value-add strategy to manage, reposition, and operate high-quality multifamily assets in select Western US markets. The Fund was launched in 2013 by SARES-REGIS Group with more than $100 million in equity commitments, giving it the ability to acquire more than $300 million in assets.