SARES•REGIS Multifamily Value-Add Fund III, L.P. (SRMF VA-III) has acquired Sedona Ridge, a 250-unit Class B- apartment community located in Phoenix, Arizona. Sedona Ridge is nestled along South Mountain Park, a desirable submarket in the Ahwatukee Foothill area in the Phoenix Metro. The Property sits at the doorstep of the Southeast Valley which is the fastest growing region in Metro Phoenix. The unbeatable access to I-10 connects residents to major job corridors with over 418,000 jobs within a 20-minute drive. Sedona Ridge offers residents easy and convenient connectivity to the Valley’s most prominent employers, including: Arizona State University, Intel, Honeywell, GoDaddy, Orbital ATK, JPMorgan, State Farm, Northern Trust, and Bank of the West.
Sedona Ridge apartment homes feature spacious one, two, and three-bedroom floorplans with home quality features including full-size washer/dryers, walk-in closets and private patios. The community has an extensive amenity package that offers residents a wide range of leisure and fitness options, including two swimming pools and spa areas, a clubhouse, a fitness center, and multiple sport courts.
The Property currently offers a range of unit finishes with a selection of classic units as well as moderate upgrades from prior and current ownership. SRMF VA-III plans to renovate the unit interiors to bring all units up to the same luxury spec level to compete with nearby high-end rental communities. Additionally, the leasing and amenity areas will receive a capital infusion to modernize their look and feel. In particular, the pool area will receive upgrades that will rival some of the best hotels in the Phoenix metro.
Sedona Ridge offers SRMF VA-III the opportunity to own a quality asset, in a high barrier-to-entry submarket, with significant upside potential.