IRVINE, Calif.--(BUSINESS WIRE)--A suburban development of 216 apartments in the Los Angeles bedroom community of Covina is the first acquisition by SARES-REGIS Value-Add Multifamily Fund II. The fund purchased Vista Pointe Apartment Homes from TIAA-CREF.
“Vista Pointe represents exactly the type of property our fund is targeting. We have a focused, well-defined value-add strategy to purchase, manage, reposition, operate and sell high-quality multifamily assets in major western U.S. markets,” said Bill Montgomery, the fund’s Chief Investment Officer.
The sprawling 11-acre community of one- and two-bedroom apartments in two-story garden-style configurations was developed in 1985 as a premium rental community in the San Gabriel Valley market. Vista Pointe has tennis courts, pools, spas, lush landscaping and two dog parks. Montgomery said that inconsistent efforts by previous owners to improve the property affected its operations and performance, and provided exceptional opportunities for upgrades with renovation and management. Vista Pointe is at 1400 Grand Avenue. Covina is about 12 miles east of downtown Los Angeles.
Major improvements and upgrades are under way as part of the repositioning of Vista Pointe, “returning it to best-in-class status,” Montgomery said. Spacious apartments, ranging from 703 square feet to 989 square feet, are receiving contemporary countertops, appliances, lighting, flooring and two-tone paint. New washers and dryers will be added to the 72 units currently without.
The repositioning plan includes makeovers of the leasing center, resident lounge and fitness center and the creation of an internet café. Vista Pointe’s pool areas are being refurnished and cabanas installed. One tennis court is being converted into a sports court and an adjacent resident lounge. All the buildings are being repainted and the signage and gated entry to the property are being improved.
All apartments have central air conditioning and heating, microwave ovens and private patios or balconies. Upstairs apartments have vaulted ceilings.
Vista Pointe is near the Covina Center for the Performing Arts, Plaza West Covina Mall, Cal Poly Pomona and Azusa Pacific College. The community is close to the Citrus Avenue Metrolink station and minutes from the 10, 210 and 605 freeways and other state highways.
SARES-REGIS Multifamily Fund I acquired nine communities, totaling 1,377 apartments, in California, Washington, Oregon and Colorado since 2013.
Funds I and II are sponsored by SARES-REGIS Group, a privately held firm that is nationally recognized for acquisitions, development and management of apartments, condominiums, mixed-use communities, office and industrial buildings. SRG manages approximately $4 billion in real estate assets on behalf of its own account and for institutional partners and clients. The company has a combined portfolio of property and fee-based management contracts for approximately 15,000 rental apartments and approximately 15 million square feet of office and industrial space. For more information, go to srgfunds.com.