IRVINE, CA—The Sares-Regis Multifamily Fundhas acquired two communities totaling 300apartments in Portland, OR, and North County SanDiego for a price undisclosed to GlobeSt.com. The fund, which wasformed in 2013 with $114 million, giving it the ability to acquiremore than $300 million in assets, now controls eight propertiestotaling 1,220 apartments in California, Oregon, Washington andColorado.

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-tiercommunities, according to Sares-Regis. Officials of the fund sayeach property fits the strategy to add value through renovation,repositioning and aggressive operation.

Interior upgrades will be focused on modernizing kitchens andbathrooms at both properties with the goal of achievingsignificantly higher rents. However, because of their newer age,the communities will require less renovation than some of the firstsix communities acquired by the fund, which were built in the 1980sand '90s.