redIQ Deal Highlight: Sares Regis Group Acquires AVA Cortez Hill
redIQ Deal Highlight: Sares Regis Group Acquires AVA Cortez Hill
redIQ would like to congratulate the team at Sares Regis Group for finalizing the acquisition of AVA Cortez Hill in San Diego, CA for $95.9 million. The high-rise apartment building, now known as LIT Cortez Hill, was purchased from AvalonBay. Sares Regis Group received financing from Pacific Coast Capital Partners, and part of that financing will go towards upgrading the property.
The San Diego area is a fast-growing real estate market, with building permits up 27% from 2020, and sales of single-family homes up 26% while condos and townhome sales are up 44%. Other recent transactions in the area include the sales of Cielo, Presidio View, and The Olive Ridge Resort.
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Since 2012, redIQ has led in the multifamily analytics and underwriting software space. Six of the top ten acquisitions teams and eight of the top ten brokerages rely on redIQ daily. Every year, more than 30% of all multifamily transactions pass through the platform. Our platform allows CRE professionals to extract and standardize data from deal financials instantaneously, gain deep insights into every property, and generate a comprehensive underwriting, with our model or their own. Our robust set of features includes floor plan summaries, cash flow analysis, hyperlocal comp sets, easy deal sharing, preset assumptions underwriting templates, and more. redIQ will always provide better insights and faster underwriting. These empower our users to make smarter investment decisions.
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