Sares Regis Multifamily Fund, L.P. closed its first apartment community acquisition with the purchase of Avalon at Civic Center, a 192-unit community in Norwalk, Calif.
“We see an opportunity to take one of the top properties in this suburban Los Angeles submarket to a higher level with substantial improvements throughout,” said Bill Montgomery, the fund’s co-chief investment officer.
The property is being rebranded as Solterra at Civic Center. Built in 1987 at 12700 Bloomfield Avenue, the community features a mix of spacious one- and two-bedroom apartments and townhomes in two- and three-story Mediterranean-styled buildings. Amenities include pools, spas, a fitness center and tennis and sports courts.
Improvements planned for Solterra at Civic Center’s interiors include upgraded plank flooring, stainless appliances, upgraded lighting and hardware, two-tone paint and granite counter-tops. Montgomery said improvements will be made to building exteriors, landscaping and common areas, including the leasing and fitness centers, club room, cabanas, spas and barbecues.
“The previous owner had performed some minor upgrades and property maintenance to the community over their holding period, however no significant improvements were economically feasible over the last several years during the market downturn,” Montgomery said.
SARES•REGIS Multifamily Fund intends to acquire a diversified portfolio of other well-located properties primarily in coastal California, Seattle and Denver, as well as Portland and Phoenix, said fund CEO Geoffrey L. Stack.
“The fund has a focused, well-defined, value-add strategy to purchase, manage, reposition, aggressively operate and sell high-quality multifamily assets in major western U.S. markets,” he said.
“Solterra at Civic Center is exactly the type of property we seek for our value-add program,” Stack said.
HFF brokers Mark Peterson and Sean Deasy represented the seller, Avalon Bay.
As a leading western United States real estate developer and manager, Sares Regis Group manages a portfolio of more than 15,000 apartments units for its partners and investor clients valued at more than $2.5 billion. Since its inception in 1993, Sares Regis Group has acquired or developed 20,000 homes and apartments valued at more than $3.4 billion throughout California, Colorado, and Arizona. Sares Regis Group is also California’s leading privately held developer of LEED-certified apartments.