PHOENIX — Sares Regis Group has sold Mountain Park, a 240-unit community in Ahwatukee Foothills, which is about 20 miles south of Phoenix. The buyer was LaSalle Investment Management. Institutional Property Advisors (IPA) brokered the sale, with IPA Executive Managing Directors Cliff David and Steve Gebing representing the seller and procuring the buyer. Mountain Park was sold under Newport Beach, California-based Sares Regis Group’s Multifamily Value-Add Fund III, which is equity focused on Class B properties in the Western states, primarily in Southern California, Seattle, Portland, Oregon, and Phoenix.
Built in 1994, Mountain Park is a gated-access property that sits on 12.5 acres. It is made up of one-, two- and three-bedroom floor plans with in-unit washers and dryers and patios or balconies. Amenities include a clubhouse, fitness center, two pools, a spa and access to Mountain Park Ranch Homeowners Association’s recreational facilities.