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SB Real Estate Partners Acquires 114-Unit Phoenix Apartment Community for $34.2 Million
By: SB Real Estate Partners
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,"
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.
About SB Real Estate Partners
Founded in 2017, SB Real Estate Partners is a multifamily investment firm committed to acquiring and asset managing value-add apartment projects throughout the Western United States. More information can be found at http://www.sbrep.com.
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