SB RE Partners Plans Cap Improvements for Portola Redlands

Irvine-based SB Real Estate Partners (SBREP) recently acquired ReNew Redlands, a class-B 124-unit garden-style apartment community located in Redlands, CA for $46.2 million. The property has been renamed Portola Redlands and SBREP intends to execute a $2.5 million capital improvement program.

The acquisition is the first for SBREP within the Inland Empire market but is part of the firm’s overall plan to acquire more than $200 million in apartment assets during the second half of 2021 across the Inland Empire, Phoenix and Las Vegas markets.

“The Redlands submarket has been one of the most supply-constricted areas in the country for quite some time. The acquisition of Portola Redlands is an exciting value-add opportunity, and SBREP is committed to building out a strategic portfolio in the IE, where e-commerce related jobs continue to drive robust economic fundamentals,” said Srijin Bandyopadhyay, founder and managing principal at SBREP.

Located at 1250 N. University St., Portola Redlands was built in 1982 and offers two-bedroom units averaging 910 square feet along with townhome floorplans averaging 1,140 square feet. The community is situated on nearly 8 acres.

Blake Rogers and Hunter Combs of Walker & Dunlop represented the seller. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia arranged joint venture equity.