Sares Regis Multifamily Fund I sold the Arabella apartment community, located in Denver, on August 18, 2017 for $29,600,000 ($189,743 per unit). This 156-unit Class B garden-style community was originally purchased in August 2013 for $20,150,000 ($129,167 per unit). Located in the walkable Denver Tech Center and built in 1980, the property was ready for a comprehensive renovation program targeting unit interiors, common area/amenities, and building exteriors.
Building exteriors received redesigned balcony railings, two-tone paint and an extension of the ground floor patios. A large spa, fire pit and outdoor kitchen were added to the common area amenities. Existing amenities were modernized including the leasing center, club space, internet café, and fitness center. Interior renovations we completed upon unit turnover and included the addition of stainless steel appliances, vinyl plank flooring, updated lighting, and window treatments.