SRMF VA-II Acquires 144 Units in Tempe, Arizona

SARES•REGIS Multifamily Value-Add Fund II, L.P. (SRMF VA-II) is pleased to announce it has acquired Salado Springs, a 144-unit Class B apartment community built in 1986. Residents within the community enjoy an array of amenities including a pool and spa, clubhouse, three Ramadas with gas barbecue grills, spacious grass courtyards with mature landscaping, covered parking, and access gates.

Salado Springs Apartment Homes is an urban, value-add community located off 1st Street and Beck Avenue just south of Rio Salado Parkway in Tempe, AZ. This location boasts a 93 Bike Score and is within walking distance of Tempe Town Lake and downtown Tempe’s Mill Avenue Entertainment District. This scarce 1980’s asset in the Town Lake Submarket was developed by Mark Taylor Residential in 1986. The community’s dynamic location is ideally situated to serve the large population of downtown Tempe professionals, the 70,000+ students at the ASU main campus, the enormous job base in the Sky Harbor Airport / Papago Park Center / I-10 Submarket, and residents who desire a location with the best access to transportation available anywhere in the Phoenix metro area.

Unit amenities include private patios and balconies, central heat and air, full-size side by side washers and dryers, fully equipped kitchens, and walk-in closets with mirrored door. Select units include wood-burning fireplaces.

Previous ownership has meticulously maintained the asset but it is in original condition. SRMF VA-II plans on renovating the units, clubhouse and pool areas along with building a new fitness center and package room.