Sares-Regis Group has sold a 240-unit apartment complex it developed in Little Tokyo, continuing an active period for the multifamily investor.
Sares-Regis sold Wakaba LA apartments for $115.8 million to a company managed by JPMorgan Investment Management, property records show.
Irvine-based Sares-Regis completed construction on the $100 million Wakaba LA in early 2016. The complex, at 232 E. 2nd Street, includes 16,000 square feet of commercial space and 470 subterranean parking spots, along with a fitness center and pool.
Earlier this month, Sares-Regis paid $87 million for a 168-unit Miracle Mile apartment complex.
And last March, the firm sold a 158-unit Long Beach apartment complex for $49 million.
Sares-Regis targets “high-growth, supply constrained Western U.S. markets,” according to its website. In January, it said it raised $329 million in private equity commitments for its multifamily fund.