Sares Regis Multifamily Value-Add Fund II, L.P (“SRMF VA-II”) announces the sale of Martha Lake on September 27, 2021, to a public REIT, outperforming underwriting target returns.
SRMF VA-II acquired Martha Lake, a 155-unit Class B garden-style apartment community comprised of 13 three-story buildings and a leasing center in September 2017. Built in 1991, the property offers easy access to major employment centers in Seattle, Everett, Bellevue, and Redmond. The previous owner kept up deferred maintenance and offered a mix of “classic” and upgraded units. SRMF VA-II’s executed a comprehensive renovation plan by creating a consistent level of unit specification across all apartment units. The program also included modernizing exteriors and upgrading common areas to offer lifestyle-oriented amenities.