X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

COSTA MESA, CA-Sares-Regis Group of Irvine, in partnership with Invesco Realty Advisors of Dallas, has acquired that 296-unit Mesa Verde Villas apartment development here from the Mesa Verde Villas partnership, longtime owner of the complex.

Sares-Regis says the Mesa Verde partnership, in turn, is acquiring an apartment project in the Denver area an arrangement engineered by the Irvine group. Financial terms of the deals were not disclosed.

George McNee, VP of the Multifamily Acquisitions and Investments Division at Sares-Regis, explains that the transaction was challenging because, since the sellers had owned the property for many years, the depreciation on the asset was diminishing to a level where it made sense to dispose of the property if the seller could acquire another investment. McNee says Sares-Regis researched other markets to find a suitable property in which the seller could execute a 1031 Exchange. The seller of the local property is now under contract to purchase the Denver property in the next 30 days, McNee says.

The local complex is at 1555 Mesa Verde Drive East. It borders the Costa Mesa Golf & Country Club and is near both Harbor Boulevard and the 405 freeway. The complex consists of a mix of four-, one- and two-bedroom floor plans, 81% of which are townhomes, ranging from 750 sf to 1,235 sf. Monthly rents range from $1,070 to $1,465. Amenities include full-size washer-dryer hookups, central air and heat, and fireplaces. Common area features include a clubhouse, pool, spa, fitness center and tennis courts. Coincidentally, Mesa Verde Villas was developed in 1975 by Regis Homes, which merged with the Sares Co. in 1993 to form the Sares-Regis Group.

The new owners plan to extensively renovate the property. Each unit will be upgraded with new floor coverings, cabinets, countertops, appliances, fixtures and paint. Additionally, improvements will be made to the clubhouse, pool, spa and landscaping which includes signature water features throughout the grounds.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.