Sares-Regis Group has purchased Arboretum at South Mountain, a 312-unit property in the Ahwatukee Foothills Village of Phoenix, for $118.3 million. Insititutional Property Advisors represented the seller, Caspian Properties, and procured the buyer. Caspian Properties picked up the asset for merely $45.5 million in 2016, Yardi Matrix data shows.
The buyer acquired the asset through its newly formed investment fund, Sares Regis Multifamily Value-Add Fund IV, and financed the acquisition with a $90.5 million loan, provided by Invesco Real Estate, according to Yardi Matrix.
Completed in 1999, the 15-building community occupies 12.5 acres and encompasses one-, two- and three-bedroom floorplans, averaging 863 square feet. The units have nine foot ceilings, washers and dryers and private patios or balconies. Community amenities include a fitness center, business center, clubhouse, pool and spa. The buyer plans to spend roughy $31,000 per unit to upgrade and reposition the property.
Located at 15251 S. 50th St., half a mile west of Interstate 10, the community has direct access to Chandler and major employment hubs, including the West Chandler Corridor and Price Corridor. Various retail options, such as Ahwatukee Foothills Towne Center, are within 1 mile of the property.
Since the beginning of this year, the Sares-Regis Group has been actively investing in multifamily properties. Last month, the company acquired The Heights at Park Lane, a 325-unit property in Dallas.