Sares-Regis Multifamily Fund acquires multifamily property in Denver
Sares-Regis Multifamily Fund, operated by Sares-Regis Group, has acquired Arabella, a community of 156 apartments in Denver, from Fairfield Residential. The multifamily property is located in the Denver Tech Center, an 850-acre business hub south of downtown with more than 25 million square feet of office and retail development. Terms of the transaction were not disclosed. Fairfield had acquired the property in 2007 from Archstone-Smith for $15.2 million.
Arabella is the third property acquired by the value-added fund since it closed in March 2013. The fund closed on two separate multifamily properties totaling 288 units earlier this year. One was in Redmond, Wash., and the other was in the Los Angeles suburb of Norwalk.
“This is a significant renovation project needed to reposition Arabella to compete in its submarket. We are confident that with the work completed and a solid new management