Irvine and San Mateo, California
On September 1, 2017, Sares Regis Multifamily Fund, L.P. (“Fund I”) sold The Summit, located in Redmond, Washington, for $29.6 million ($308,333 per unit) to a private buyer. Fund I originally acquired The Summit, a 96-unit Class-B apartment community then known as Sammamish Ridge Apartment Homes, for $20,950,000 ($218,229 per unit). Built in 1981, the property is located approximately two miles from Microsoft Corporation headquarters at the intersection of two main arterial roads. The value-add renovation plan included a modernization of the existing clubhouse – expanding the common area floor plan to include a resident lounge with computer stations, a wood burning fireplace, and a 24-hour fitness center. Unit renovations included adding stainless steel appliances, new cabinets and countertops, new carpeting, updated lighting, brushed nickel fixtures, and window treatments.