Sares-Regis Group (SRG) has held a final close on its debut institutional fund. According to a statement from the Irvine, California-based firm, the Sares-Regis Multifamily Fund closed with more than $100 million in equity commitments. A filing with the US Securities and Exchange Commission lists the precise amount raised as $112.75 million. With leverage, this will give SRG the ability to acquire more than $300 million in assets.
Geoffrey Stack, managing director and chief executive of SRG, said in a statement: “The fund has a focused, well-defined value-added strategy to purchase, manage, reposition, aggressively operate and sell high-quality multifamily assets in major western US markets.” SRG co-sponsored the fund with Radnor, Pennsylvania-based Penn Square Real Estate Group.
Through the fund, Stack noted that the firm “intends to acquire well-located properties primarily in coastal California, Seattle and Denver, as well as Portland and Phoenix.” He added that “garden-style, mid-rise and high-rise assets will be considered.” The fund’s focus allows for immediate deployment of capital to take advantage of numerous value-added acquisition opportunities.
Fund president and managing director Rob Wagner added: “SRG’s structure as investor, manager, contractor and developer provides depth at every stage of the value-add process, as well as economies of scale, which will benefit investor returns.”
SRG manages a portfolio in excess of 13,000 units and valued at more than $2.5 billion on behalf of its partners and investor clients. Since its inception in 1993, the firm has acquired or developed 20,000 homes and apartments valued at more than $3.4 billion throughout California, Colorado and Arizona.