Sares-Regis Group reaches $100 million target for multifamily fund

The Irvine, Calif.-based Sares-Regis Group has held the final close for the Sares-Regis Multifamily Fund, which is co-sponsored by the Penn Square Real Estate Group, based in Radnor, Penn.

The value-added fund has met its target fundraising goal, raising more than $100 million after launching 18 months ago. The fund has the ability to purchase more than $300 million in assets. The Sares-Regis Multifamily Fund received commitments from five investors, four of which are institutional. The specific investors were not disclosed.

The value-added fund will invest in multifamily properties in major western U.S. markets, primarily in coastal California, Denver, Phoenix, Portland, and Seattle. Garden-style, mid-rise, and high-rise multifamily assets will be considered. Bill Montgomery and Ken Gladstein, Co-Investment Officers of the Fund, sai