Sares Regis Multifamily Value-Add Fund III, L.P. (“SRMF VA-III“) announces the sale of Park Crossing on December 14, 2021. Park Crossing is a 200-unit Class B apartment community comprised of 9 three-story buildings built in 2005. The property sits on 8.9 acres of land and is centrally located in the North Bay / Santa Rosa market of Northern California. Given its proximity to the I-80 Freeway, residents have excellent access to employment centers in the East Bay including Walnut Creek, Oakland, Sacramento, and Davis.
The renovation plan focused on renovating 131 units that were not renovated by prior ownership. It also included addressing minor deferred maintenance items, and remodeling the pool area. Unit interior renovations included new laminate countertops, drop-in sinks, and gooseneck faucet fixtures in the kitchen & bathrooms; new lighting fixtures; stainless steel appliance package; vinyl plank flooring; and designer two-tone paint. Common area upgrades included minor enhancements to the clubhouse facility and pool area; and upgraded landscaping throughout the property. With operations stabilized at Park Crossing, the property was sold to a Joint Powers Authority in Solano County, California.