In July 2019. Sares Regis Group Fund II successfully closed the sale of Rancho Corrales Apartments in Simi Valley. The property, with 229 units, was built in 1985 and located in the prestigious Wood Ranch master planned community. The Fund purchased the property in 2015 as the second acquisition in Fund II, and executed a value-add upgrade to the interiors and a complete reconfiguration and upgrade to the leasing office, fitness, café room and the addition of a poolside cabana space. All of the renovation work was completed over a year ago, and the property has focused on stabilized operations and maximizing rental return since.
It was just over a year ago when Fund II completed acquisition of its 14th and last property, and now we’ve accomplished the sale of the first two acquisitions with the early sale of Vista Pointe last year, and now Rancho Corrales.
As always, this was a great SRG team effort across platforms from the Fund to Property Management and our Finance team. I would especially like to recognize Azul Cossio, our Community Manager over the last 2+ years, who brought solid leadership and stability to the property and operations at a critical time and has lead us to this great result. She and her team are a great example of the critical part the site team plays in the Funds' business execution and success. We cannot thank them enough.
Thank you to everyone who assisted in execution on the property, and who helped get this closing accomplished. It was a great job on all sides!
William B. Montgomery
Chief Investment Officer