SB Real Estate Partners

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California Investor Pays $35 Million for Apartments in Phoenix’s West Valley

West Valley Multifamily Sales Pick Up After Investors Hit Pause Due to Pandemic

By Randyl Drummer

An apartment investment company bought the 224-unit Casa Anita apartments in the West Valley of Phoenix for $35.3 million, as renter and investor interest grows in the area.

A private investor, based in Scottsdale, Arizona, sold the property at 1801 N. 83rd Ave. for almost $157,600 a unit.

SB Real Estate Partners, based in Irvine, California, said it plans to renovate the 18-building property that was built in 1986 and rebrand it as Portola West Valley.

Planned renovations include modernization of the clubhouse and other exterior and common area improvements. The buyer also plans interior upgrades such as new appliances and flooring.

The company in October sold its first acquisition in the area, the Cordova Apartments, which it bought last year. Investors are bullish on the West Valley due to robust population growth and a low supply of single-family housing, market conditions that add to the pool of renters and support apartment performance, CoStar Market Analytics said in a report.

Sales in the area have picked up recently after slowing in the second quarter, when many investors and lenders stopped doing transactions because of the volatile economic conditions caused by the virus.