SAN JOSE, CA—The Sares Regis Group of Northern California has acquired Emerald Glen Condominium Homes, a four-story stucco building with 46 completed condominium units.
The property also includes 77 subterranean parking spaces. Project amenities include an on-site spa, landscaped outdoor courtyard with ample seating, multiple BBQ facilities and an adjacent public park.
SRGNC will be completing the final steps of interior construction of the property and rebranding the community as Aviara.
“This acquisition exemplifies our firm's continued commitment to seeking value add investments that leverage the breadth of our vertically integrated structure and capabilities,” said Kenneth Gladstein, Chief Investment Officer at Sares Regis Group of Northern California.
The property was purchased for $11.35 million. Debt financing for the transaction was provided from Berkadia Commercial Mortgage. SRGNC will lease the now vacant property and plans to refinance a longer-term loan upon stabilization of the asset.
Sares Regis Group of Northern California and SARES REGIS Group currently own or manage by fee over 14,000 multifamily units in the Western United States.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
