Sares Regis Group Fund III is very excited to announce the acquisition of its 4th Arizona property with the addition of Level at Sixteenth. Featuring 240 units in a podium style community built in 2010, the community is in the desirable Biltmore neighborhood of Phoenix, Arizona.
Residents benefit from proximity to the white‐collar professional powerhouse of the Camelback Corridor, which is known for its numerous financial and business services. The property enjoys an enviable position within the urban core of Greater Phoenix with unrivaled access to the opulent Biltmore, trendy Midtown, and diverse Downtown Phoenix areas, providing an all‐encompassing live, work, and play locale.
Level at Sixteenth offers diverse studio, one and two‐bedroom floorplans, including some lofts. The units benefit from nine‐foot or taller ceilings, walk‐in closets, central heat and air conditioning, mountain or downtown city views, private enclosed patios in select units, and full‐sized washers and dryers. A light, cosmetic upgrade to the interiors is the main value-add enhancement the Fund plans for the property. Improvements include updated solid surface counter-tops and backsplashes, extending plank vinyl flooring throughout, contemporary paint colors, plus new hardware, sinks, and added ceiling fans.
Resident amenities include a resort‐style swimming pool and spa, two-story fitness center with virtual personal training programs, resident clubhouse with a gourmet kitchen, dog run, and temperature controlled interior corridors. Level at Sixteenth residents also benefit from reserved underground parking and private attached garages.
Phoenix continues to show great property performance through the pandemic and has become a highly sought-after market for apartment investment. The Fund was successful in navigating this competitive purchasing environment, with strong local investment experience and a solid reputation in the local market providing the winning edge.
Closing was accomplished on a tight schedule and was another successful effort across our various Sares Regis Group teams in corporate, accounting, IT, the property management team, all working in sync with the Fund Team to push this from and through diligence to closing and takeover. We are also very pleased to announce a full team has filled all positions at the property. Many current Fund property superstars are taking on this new challenge including Diana March as Community Manager, Marisa McKamey as Assistant Manager, Nick Elliot as Leasing Consultant, Glen Gary as Maintenance Supervisor, and Michael Sandoval as Maintenance Technician. We wish them great success and look forward to great results as they help execute our plan for the community.
William B. Montgomery
Chief Investment Officer