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SB Real Estate Establishes New Target Market with $75M Buy
SB Real Estate Partners (SBREP) acquired Bridge Creek Apartments, a 270-unit garden style multifamily community in the Portland, OR submarket of Vancouver, WA, for $75 million. The property will be rebranded as Portola Bridge Creek.
“Portola Bridge Creek represents SBREP’s commitment to building out a significant footprint in the Portland apartment market,” said SBREP’s founder & managing principal, Srijin Bandyopadhyay. It’s a new target market for Irvine, CA-based SBREP, which will continue building out its portfolio across the Phoenix, Vegas and Inland Empire regions.
Built in multiple phases from 1984 to 1989, the property is located at 9211 NE 15th Ave., in the Hazel Dell North area of Vancouver. The property’s unit mix consists of one-, two- and three-bedroom floor plans ranging from 650 to 1,150 square feet. SBREP plans a $4-million capital improvement program to enhance the property exterior / curb appeal, common area amenities and unit interiors.
- ◦Sale/Acquisition
