Sares Regis Group of Northern California has closed escrow on five parcels in South San Francisco adjacent to the first Cadence multifamily community for an upcoming second phase of the project.

The fund targets build-to-core investments across all property types in the top 25 US markets.

Jon P. Christine will be responsible for development of affordable and market-rate housing communities and will be based in Phoenix.

Average daily room rates for Long Island properties will remain steady at 1.5 to 2 percent as a result of slow market growth and little exposure to growth.