IRVINE, CA-A newly constructed 102-unit luxury apartment complex has been sold by the SARES-REGIS Group for $13 million to PM Realty Advisors of Newport Beach.

Built by Regis Contractors L.P., an affiliate of SARES-REGIS Group, and managed by the company’s Multifamily Property Management Division, the complex called Alta Vista is located in the north San Diego County community of Escondido.

“In recognition of its well executed development and quality construction, the sale of this premier property is the highest price for this region of San Diego,” says Barry Kamel, president of the SARES-REGIS’ Multifamily Development Division. “The market response to the property has been outstanding; with its luxury amenities and fabulous views, it has attracted the most discerning resident.”

Both SARES-REGIS Group and PM Realty Advisors represented themselves in the transaction. A developer, manager and builder of commercial and residential real estate through the western United States, SARES-REGIS Group currently manages more than 9,000 apartment units and 13.5 million sf of commercial real estate.

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