Sares-Regis Group acquires multifamily property in Phoenix
Sares-Regis Group has acquired the Alanza Place Apartments in Phoenix for $57.3 million, or $159,166 per square foot.
The 360-unit apartment building is locatedat 1121 N. 44th St. in Phoenix.The seller was FSC Alanza Place Apartments LLC, an affiliate of Beverly Hills, Calif.–based FSC Realty.
Sares-Regis Group recently paid $81.13 million to J.P. Morgan for the Bluffs at Highlands Ranch in Highlands Ranch, Colo., through Sara-Regis Multifamily Value-Add Fund II. Sares-Regis held a $304.2 million final close for the apartment fund in September.
The Phoenix metro’s multifamily market rebounded from a rather stagnant second quarter, finishing the third quarter on a high note, according to Cushman & Wakefield’s third quarter 2016 MarketBeat: Metropolitan Phoenix – Multi