On September 15, 2015, Sares Regis Multifamily Value-Add Fund II, L.P. acquired Rancho Corrales, a 229-unit Class B+ apartment community located in Simi Valley, California. Built in 1986, this community offers convenient on-site amenities which include a fitness center, leasing office, clubhouse, swimming pool, barbecue area, lushly landscaped greenbelts and courtyards. The apartment homes offer spacious one and two bedroom floor plans, washer and dryers, vaulted ceilings in upper level units, breakfast bars in select units, built-in microwaves, walk-in closets with shelving, mullioned windows, wood-burning fireplaces in select units, central air and heat and private patios with storage in select units.
Rancho Corrales is one of only two market rate apartment communities in the prestigious and highly-sought after master planned community of Wood Ranch, renowned for its luxury single family neighborhoods, top performing elementary school, spectacular vistas and overall extraordinary quality of life. It is conveniently located near the exclusive Wood Ranch Golf Course, Country Club and Wood Ranch Area Trails. Ventura County is known for its pristine beaches, majestic rolling hills and prime agricultural land. As a gateway city between Los Angeles and Ventura counties, Simi Valley provides the benefits of a safe and upscale suburban community while still being close enough to L.A. for residents to take advantage of its jobs and “big city” amenities. The property is accessible to the 101, 118 and the 23 freeways.