Sares Regis Group Fund III Acquires Mountain Park Apartments in Phoenix, AZ

SRMFVA Fund III is very excited to announce the acquisition of it’s third Arizona property with the addition of Mountain Park Apartments.  The property is in the Ahwatukee Foothills submarket, south of Downtown Phoenix.  There are 240 apartment homes in the community, built in 1994. Mountain Park is two story wood frame construction with stucco siding and tile roofing.

Featuring one, two and three-bedroom floor-plans, the community is a great opportunity for the Fund to implement a unit makeover, bringing the finishes to an upgraded contemporary specification.  Upgrades to solid surface counter-tops and backsplashes, cut-down bar tops, new plank vinyl flooring, contemporary cabinet and wall paint colors, plus new hardware, sinks and lighting.

Community amenities include two swimming pools and spas, outdoor picnic areas with barbecues, a fitness center, and a clubhouse which will receive minor upgrades, as these spaces currently are in great condition.

Mountain Park is centrally located in the highly desirable, suburban Ahwatukee Foothills and positioned west of Interstate 10, offering access to the economic and lifestyle opportunities of Chandler and South Tempe. The West Chandler and Price Corridors are some of the most innovative and prosperous employment hubs in the area, and are located just two miles and seven miles east from the property, respectively. The city of Tempe is located immediately northeast and provides a robust employment landscape. Retail and dining are abundant nearby, and the location is near large shopping centers such as the Phoenix Premium Outlets and Chandler Fashion Center. Residents of Mountain Park also have access to the Mountain Park Ranch HOA recreational facilities.

We are pleased to welcome Rhonda Evans, Community Manager; Sheena Campbell, Assistant Manager; Jason Burmann, Maintenance Supervisor and Henry Miller, Maintenance Technician to the Sares Regis Fund team.  We wish them well and look forward to great results under their stewardship.

As always, our efforts growing the Fund are supported by many here at Sares Regis throughout corporate, with accounting, IT, the property management team, and our debt shops all working in sync with the Fund Team to push this from and through diligence to closing and takeover.  Thank you all for the great work!

William B. Montgomery

Chief Investment Officer