Sares Regis Multifamily Fund I sold The Hills of Diamond Bar on July 20, 2017 for $60,900,000 ($298,529 per unit). The Fund acquired this 204-unit Class B garden-style community in December 2013 for $45,450,000 ($222,794 per unit. The Hills of Diamond Bar is located in the city of Diamond Bar, an affluent community with a high-ranking school district in Eastern San Gabriel Valley. Built in 1979, the renovation plan included upgrades to the interiors, exteriors and common area amenities.
Unit interiors were enhanced by adding bathrooms in select units, hard surface countertops, cabinet faces, flooring and fixtures. Wood and siding were repaired on the building exteriors, which also received rebuilt balconies and a modern paint scheme. Common areas were completely re-imagined, converting or removing unused laundry rooms to create spaces that include putting greens with a “19th Hole” clubhouse, outdoor fitness space, study room and meditation gardens.
The Hills of Diamond Bar was marketed widely and sold above asking price to a California-based investor.