IRVINE, CA—The Sares-Regis Multifamily Fund has acquired two communities totaling 300 apartments in Portland, OR, and North County San Diego for a price undisclosed to The fund, which was formed in 2013 with $114 million, giving it the ability to acquire more than $300 million in assets, now controls eight properties totaling 1,220 apartments in California, Oregon, Washington and Colorado.

Both communities—Alta Vista in Escondido, CA, and Westview Heights Townhomes near Portland’s “Silicon Forest”—are categorized as class-B+ properties, even though they have all the attributes of top-tier communities, according to Sares-Regis. Officials of the fund say each property fits the strategy to add value through renovation, repositioning and aggressive operation.

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