Exclusive: Sares Regis Sells 2 for $112M
The assets changed hands for roughly a quarter of their previous sales prices.
Sares Regis has sold two properties in the West for a combined $111.5 million: the 169-unit Preston Miracle Mile in Los Angeles and the 164-unit Miro at the Parc in Henderson, Nev.
Pacific Urban’s $70.5 million acquisition of Preston Miracle Mile, which equates to roughly $417,100 per unit, was first reported by The Real Deal.
Miro at the Parc sold for $41 million, or $250,000 per unit, according to Yardi Matrix. Authentic Capital acquired the asset with the help of a $24.8 million Fannie Mae loan originated by Newmark.
Both properties changed hands for substantially less than their previous sale prices, the same data provider shows. The Preston Miracle Mile sold in 2020 for $86.7 million, or $513,467 per unit, while Miro at The Parc traded in 2022 for $65 million, or $369,341 per unit.
A closer look at the two assets
The Preston Miracle Mile, previously known as Renaissance, opened in 1989 at 630 Masselin Ave. The location is in a Difficult Development Area, close to Wilshire Boulevard and the Los Angeles County Museum of Art. Downtown Los Angeles is 8 miles away.
The community comprises studio, one- and two-bedroom units across a five-story building, with floorplans ranging from 525 to 1,270 square feet. All apartments have washer/dryers, private balconies or patios, breakfast bars, dishwashers, while select units also have gas fireplaces.
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Completed in 2013, the 16-building Miro at The Parc occupies a 7-acre site at 1651 American Pacific Drive. It is close to multiple parks, with Bruce Woodbury Beltway within 2 miles. Downtown Las Vegas is 13 miles north.
The property encompasses one- and two-bedroom floorplans from 906 to 1,270 square feet. All units have washer and dryers, while select units also include private balconies or patios.
Both communities are pet-friendly and feature amenities such as a 24-hour fitness center, swimming pool, spa and pet park, as well as barbeque grills and community spaces.
Sares Regis’ recent activity
In July, Sares Regis Group subsidiary SRG Residential merged with Milhaus. The newly formed platform has $2.5 billion of total investment activity and more than 50,000 apartments under third-party management. Before the merger, Sares Regis managed more than 190 properties, totaling 46,000 units.
So far this year, the company has had a strong multifamily transaction activity and sold at least four properties, including The Heights at Park Lane, a 325-unit community in Dallas. The Dinerstein Cos. purchased the asset with the help of a $75.2 million loan from Massachusetts Mutual Life Insurance Co.
