Fund II Sells Simi Valley Apartment Community

July 25th, 2019

Rancho Corrales, located in Simi Valley, California, was sold on July 25, 2019 for $76,000,000 ($331,878 per unit) to a private equity investor.

Sares Regis Multifamily Value-Add Fund II, L.P. purchased Rancho Corrales, a 229-unit Class B two-story garden-style apartment community for $60,600,000 ($264,629 per unit). Built in 1985 in the city of Simi Valley, the property is situated on 10.9 acres and provides the benefits of an upscale suburban community while still being close enough to Los Angeles to allow residents to take advantage of a strong job market. Given the well-maintained condition of the exteriors, the renovation plan focused on upgrading both unit interiors and common areas.

Unit interior renovations included wood-inspired plank vinyl flooring, horizontal blinds, new quartz countertops, new stainless steel kitchen appliances, and upgraded lighting & plumbing fixtures.

Common area upgrades included a complete reconfiguration & upgrade to the leasing office, fitness center, café room, and the addition of a poolside cabana space. All planned exterior, common area, and unit interior renovations were completed; the interiors upon natural turnover, within three years.