Sares Regis Multifamily Fund III Acquires Desert Parks Vista in Scottsdale, AZ

Northeast of Scottsdale in the foothills of the McDowell Sonoran Preserve, Desert Park Vista Apartments is in the affluent 4,400-acre DC Ranch master-planned community. The property was completed in 2006 and includes 202 units in a multi-story, resort-style setting on 13 acres.

"Desert Park Vista was conceived as a condominium product of wood frame and stucco construction with tile roofing" said Bill Montgomery, Chief Investment Officer.

“The property is in excellent condition. The old-world inspired design, architecture and site plan, create a private resort feel everywhere you go. The large, upscale units require only cosmetic upgrades to finishes such as cabinet faces, countertops, flooring and paint. Upgrades to common areas and to the central resort pool area will be a large focus of our work,” Bill said.

“It’s always tough to coordinate quick diligence and a short closing, but adding to the complication was the closing the day before a holiday weekend and incorporating a new lender relationship,” Bill said. “It was a challenge we completed with our typical great Sares Regis teamwork across the Fund platform, including property management, legal and accounting at Corporate. Everyone did a great job.”