SAN JOSE, CA - SARES-REGIS Multifamily Fund completed its sixth acquisition with the closing of Alterra, a 143-unit community in San Jose, Calif.
“Alterra offers a solid value-add opportunity to renovate and reposition the property so it competes with neighboring communities while capitalizing on the region’s significant employment and rental growth. Alterra is our third acquisition in California since we formed the fund last year,” said Kenneth Gladstein, Co-Chief Investment Officer of the SARES-REGIS Multifamily Fund.
The 5.1-acre gated community at 1640 La Rossa Circle was built in 1988 southeast of downtown San Jose. It is near the Almaden Expressway, Highway 87 and less than one mile from the VTA, Santa Clara’s light rail system, and Caltrain. Alterra also is close to the desirable Willow Glen neighborhood as well as to major employers, including Apple, eBay and Cisco Systems, Gladstein said.
Alterra’s one-bedroom with den and two-bedroom apartments are spacious, averaging 833 sq. ft. Although the previous owner completed significant exterior and common-area renovation, the apartment interiors are original, Gladstein said.
The value-add program for Alterra includes upgrading of kitchen cabinets, countertops, stainless appliances, flooring, lighting and plumbing fixtures.
“Once completed, the newly renovated apartment homes will offer residents a value alternative to brand-new product coming into the market,” 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.