the Fund successfully closed escrow on the sale of Salado Springs Apartments, in Tempe, Arizona. A boutique 144-unit community, built in 1986 and located just 7 blocks from Mill Street and the sprawling ASU campus, was acquired in December of 2016.
From day one Salado Springs has been a strong performer, completing renovations on common areas, including the addition of a fitness facility in reconfigured space, in record time and ahead of schedule and allowing for the property to be marketed and sold a year and a half ahead of schedule. Listed with Mark Forrester of Berkadia, the sales process garnered strong interest and offers above proforma target.
We are also pleased to report that the Fund provided Sares Regis Property Management an introduction to compete for the Management assignment, which Jeff Bailey (Sr. Vice President, Property Management), Heather Wallace (Sr. Vice President, Sales & Marketing), and Julie Stewart (Client Relations Director) successfully secured.
One again, a great team effort across the Fund, Property Management and Finance teams to get this done. Thank you everyone who assisted in execution on the property and helped to get this closing accomplished. It was a great job on all sides!
William B. Montgomery
Chief Investment Officer