Irvine, CA –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 over $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 over $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 & Managing Principal, Srijin Bandyopadhyay.
Built in 1980, the property is located at 2700 W Sahuaro Drive and is 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 immediate 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.
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 www.sbrep.com.