SARES-REGIS Group Launches Multifamily Fund to Acquire Value-Add Properties in Western U.S.
(firmenpresse) - IRVINE, CA -- (Marketwire) -- 03/14/13 -- has launched the SARES-REGIS Multifamily Fund, L.P. SRG's Multifamily Fund closed with more than $100 million in equity commitments which can be leveraged to provide it the ability to acquire more than $300 million in assets, according to the fund's CEO Geoffrey L. Stack. SARES-REGIS co-sponsored the fund with headquartered in Radnor, Penn.
"The fund has a focused, well-defined, value-add strategy to purchase, manage, reposition, aggressively operate and sell high-quality multifamily assets in major western U.S. markets," said Stack, who also is a SARES-REGIS Group Managing Director.
"The fund intends to acquire a diversified portfolio of well-located properties primarily in coastal California, Seattle and Denver, as well as Portland and Phoenix," Stack said. "Garden-style, mid-rise and high-rise assets will be considered. The focused strategy of the fund, which is comprised of a select group of larger institutional investors, allows for immediate deployment of capital to take advantage of numerous value-add acquisition opportunities," he said.
Rob Wagner, fund President and SARES-REGIS Group Managing Director, said, "SRG's structure as a vertically integrated company acting as investor, manager, contractor, and developer provides experience and depth in every stage of the value-add process as well as economies of scale which will benefit investor returns. We've been operating in the western U.S. for more than 20-years and have in-depth market knowledge along with a solid reputation for execution with brokers, lenders and sellers. They know we can close quickly, and the fund structure will make us even more nimble in acquiring multifamily opportunities."
According to Marcus & Millichap's 2013 National Apartment Index, eight of the nation's top 14 rated markets are in the west and will be targeted by the SARES-REGIS Multifamily Fund. The region's employment growth is being fueled by technology jobs, especially in coastal markets where housing supplies are most constrained. Additionally, demographic trends nationally project that low homeownership rates, new household formation fueled by the Millennium generation, and immigration will produce 4 million new renters annually.
As a leading western United States real estate developer and manager, SARES-REGIS Group manages a portfolio of over 13,000 units for its partners and investor clients valued at more than $2.5 billion. Since its inception in 1993, SARES-REGIS Group has acquired or developed 20,000 homes and apartments valued at more than $3.4 billion throughout California, Colorado, and Arizona. SARES-REGIS Group is also is California's leading privately held developer of LEED-certified apartments.
Contacts:
Zoe Solsby
SARES-REGIS Group
Corporate Communications Manager
949-809-2400
Jon Albro
Penn Square Real Estate Group, LLC
Managing Partner
(610) 943-2361
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Datum: 14.03.2013 - 16:27 Uhr
Sprache: Deutsch
News-ID 1207102
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