Sares Regis Multifamily Value-Add Fund II, L.P (“SRMF VA-II”). sold Bella Posta on July 27, 2021, in an off-market transaction outperforming underwriting target returns.
SRMF VA-II acquired Bella Posta; a 344-unit Class B garden-style apartment community comprised of four 3-story buildings in April 2018 from the original developer. The property was built in 1979, and while well maintained, the previous owner failed to modernize the community. SRMF VA-II executed a comprehensive renovation plan that included updating the exteriors and upgrading the common areas to offer superior amenities as well as an extensive interior renovation program which completely transformed the unit finishes and fixtures to current standards while also adding highly desirable in-unit washer/dryers.