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. 83rd 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.