Fund II Purchases 360-Unit Property in Phoenix, Arizona

SARES•REGIS Multifamily Value-Add Fund II, L.P. (SRMF VA-II) is pleased to announce it has acquired Alanza Place, a 360-unit Class A, podium style apartment community built in 2002. Residents within the community enjoy amenities including a pool and spa, clubhouse with billiards, dog park, barbeque areas, fully equipped athletic club, recreation/viewing room, and a business center.

Alanza Place is centrally located off 44th Street and the Loop 202 freeway just northeast of Sky Harbor International Airport. Residents have immediate access to multiple economic and demand centers including Downtown Phoenix, Downtown Tempe/ASU, Camelback Corridor, Downtown Scottsdale, and Papago Park recreation area. This strategic location allows Alanza Place to capture residents from multiple commerce hubs as opposed to relying on a single submarket. Additionally, jobs in the immediate area are projected to grow by 30,000.

Floorplans include one, two and three-bedroom flats or townhomes that include built-in bookshelves, vaulted ceilings, ceiling fans, roman tubs, washer/dryers, microwaves, walk-in and linen closets and one and two-car garages. (Some features in select units.) With an average square footage of 954 sf, Alanza Place offers more spacious apartments than most podium communities in its marketplace.

SRMF VA-II plans on implementing an interior and common area value-add program on this 14-year old asset during the East Phoenix’s current boom in job and population growth.