SB Real Estate Partners (“SBREP”) has acquired Azura Apartments, a 387-unit garden style multifamily community in Phoenix, AZ for $91 million.  The property will be rebranded as Portola North Phoenix.

SBREP has been an active buyer and seller in the greater Phoenix MSA, with more than $250 million in transaction volume so far during the first half of 2022.  SBREP also has two additional properties under contract in the Phoenix market totaling more than  $100 million of purchase price, with both slated to close in July.

“SBREP continues to have a high level of conviction behind investing in the Phoenix apartment market.  We think that the diversified employment base and the relative affordability are here to stay over the intermediate-to-longer term,” said SBREP Founder and  Managing Principal, Srijin Bandyopadhyay.

Built in 1980, the property is located at 2700 W Sahuaro Drive, immediately across from the former Metrocenter Mall within the North Phoenix submarket.   The City – in partnership with local and national developers – plans to redevelop the 68-acre mall site based on a residential and mixed-use suburban village concept including a light rail extension slated for 2024 completion.  The property also benefits from its proximity to Interstate 17 providing residents with access to Phoenix’s I-17 and Deer Valley employment corridors. 

The property consists of studio, one-bedroom and two-bedroom floor plans ranging from 474 square feet to 924 square feet.  Community amenities include a recently modernized clubhouse, three swimming pools, three laundry facilities, secured-access gating, along with BBQ and playground areas.

SBREP is planning a $4 million capital improvement program to enhance the property’s exterior / curb appeal, common area amenities and unit interiors.

Cliff David and Steve Gebing with Institutional Property Advisors (IPA) represented the buyer.

SB Real Estate Partners (“SBREP”) has acquired Cantamar Apartments, a 180-unit garden style multifamily community in Glendale, AZ for $58.1 million.  The property will be rebranded as Portola On Bell.

SBREP has been an active investor in the greater Phoenix MSA, with approximately $200 million in transaction volume over the past two months.  SBREP also has one additional property in North Phoenix under contract for nearly $90 million, which is slated to close in April.

“Given the diverse and high-quality employment growth throughout the metro, we continue to remain bullish towards the Phoenix apartment market on an intermediate to longer-term basis,” said SBREP Founder & Managing Principal, Srijin Bandyopadhyay.  “Employers continue to be drawn in by the deep labor pool and the city’s pro-business environment, along with robust net in-migration resulting from the relatively affordable cost of living.  These factors collectively continue to drive very favorable supply / demand dynamics for multifamily investors.”

Built in 1998, the property is located at 16630 N 43rd Avenue in Glendale, just four miles east of Arrowhead Ranch with immediate access to the substantial amenity base along Bell Road.  The property offers residents commuting access to Phoenix’s major employment hubs across the Downtown, Scottsdale, Deer Valley and Desert Ridge/Kierland areas via I-17 and Loop 101.  Major employers in proximity include USAA, Discover Financial Services, Farmers Insurance and Blue Cross Blue Shield.

The property consists of large floor plans averaging 1,086 square feet across the entire unit mix, with one-bedroom offerings averaging 834 square feet, two-bedrooms representing almost half of the property and averaging 1,181 square feet, along with three-bedrooms averaging 1,366 square feet.  All units include washer-dryers, 9-foot ceilings and spacious balconies.  Tenant amenities include a community swimming pool, a fitness center and a resident clubhouse with a business center.

SBREP is planning a $4 million capital improvement program to enhance the property’s exterior / curb appeal, common area amenities and unit interiors.

SB Real Estate Partners (“SBREP”) has acquired Bloom 24, a 114-unit garden style multifamily community in Phoenix AZ for $34.2 million.  

While recently selling two of its Phoenix properties for nearly $100 million, SBREP remains an active buyer within the Phoenix apartment market.  The firm has two properties – equating to approximately $150 million of purchase price – under contract and set to close in April.

“Our aggressive investment approach in the Phoenix MSA continues to be fueled by the market’s robust multifamily fundamentals,” said SBREP Founder & Managing Principal, Srijin Bandyopadhyay.  “We continue to remain bullish towards the Phoenix apartment market on an intermediate to longer-term basis given the diverse and high-quality employment growth throughout the metro.  Employers continue to be drawn in by the deep labor pool and the city’s pro-business environment, along with net in-migration resulting from the relatively affordable cost of living.  These factors collectively continue to drive very favorable supply/demand dynamics for multifamily investors.”

Built in 1973 and located at 2323 East Flower Street, the property will be rebranded as Portola Biltmore. SBREP is planning a $2 million capital improvement program to enhance the property exterior / curb appeal, common area amenities and unit interiors.

The property’s unit mix consists of one-bedroom floor plans averaging 700 square feet as well as unique two-bedroom loft plans which average 1,100 square feet. Property amenities include a community swimming pool, secure gated access throughout the property, along with a tennis and basketball court area.

Located at the border of the Biltmore and Camelback East areas of Phoenix, the property provides its tenants with immediate access to the SR-51 and Camelback employment corridors. Tenants also enjoy proximity to the retail and lifestyle amenities of Midtown and Uptown Phoenix.

SB Real Estate Partners (SBREP) has acquired The Russell Apartments, a 241-unit garden-style apartment home community for $67.0 million, marking the California-based multifamily investment firm’s entry into the Las Vegas real estate market.  

The Russell Apartments, which will be rebranded as Portola on Russell, is located at 9620 W. Russell Road in West Las Vegas adjacent to Summerlin.  The gated community’s one-, two- and three-bedroom apartment homes are situated in 19 two-story residential buildings surrounding a central courtyard with clubhouse and resort-style pool area with a pool-side cabana, barbecue grills, and lounge seating areas.   Other community amenities include fitness center, dog park, playground, sand volleyball court and putting green. 

The acquisition of The Russell represents a compelling value-add opportunity for SBREP, which plans to execute a $2 million capital improvement plan that will include renovating unit interiors, along with common areas upgrades and building exterior / curb appeal enhancements.  When complete, Portola on Russell will be on par with the competitive set in the area but at a more attractive price point.

“The Las Vegas rental market will continue to benefit from very favorable supply/demand dynamics as well as ongoing in-migration of people seeking relative affordability across West Coast markets,” according to SBREP Founder & Managing Principal, Srijin Bandyopadhyay.  “This is why SBREP is committed to building out a substantial portfolio in the Las Vegas MSA over the next 12 months, including over $100 million of future acquisitions slated to close through Q1-2022.”

The property was 98% leased at closing.

Taylor Sims, Carl Sims and Brady Cleary of Cushman & Wakefield’s Multifamily Advisory Group in Las Vegas represented the seller in the transaction.  Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital arranged joint venture equity.  

SB Real Estate Partners (SBREP) has announced the purchase of Casa Anita Apartments – a 224-unit multifamily community located in the West Valley submarket of Phoenix – for $35.3 million. The property had previously been under private ownership with a California-based family since 2005. SBREP will rebrand the property as Portola West Valley.

Following SBREP’s recent sale of Cordova Apartments in October of 2020, the purchase of Casa Anita Apartments represents the company’s second acquisition within the West Valley submarket. SBREP originally acquired Cordova Apartments in 2019.

“We were thrilled to realize tremendous results with the sale of Cordova Apartments, and we remain bullish about the West Valley going forward. The acquisition of Casa Anita presents yet another significant value-add opportunity within this thriving pocket of Phoenix,” said Srijin Bandyopadhyay, managing principal at the Irvine, California-based SBREP.

The two-story garden property was originally built in 1986 and is located 1801 N. 83^rd Avenue. The 18-building property totals 199,808 square feet on 8.7 acres, offering primarily two-bedroom floor plans that average approximately 980 square feet. All units offer large private patios, convenient breakfast bars and spacious closets. There are 344 parking spaces onsite.

Property renovations planned by SBREP will include modernizing the leasing clubhouse, building exteriors and common area amenities at the property. Among various interior unit upgrades, SBREP plans to replace existing flooring with modern vinyl plank, install new stainless appliances and upgrade lighting fixtures to more modern and energy-saving LED products.