Phoenix Apartment Complex Sells Across From Soon-To-Be Renovated Mall
The Azura Apartments, soon to be called Portola North Phoenix, is a 387-unit development across from the shuttered Metrocenter Mall. SB Real Estate Partners (SBREP) acquired the property for $91 million. SBREP has been active in the area, with two more Phoenix properties under contract that are expected to close in July.
SBREP’s Srijin Bandyopadhyay believes the market will stay active, “SBREP continues to have a high level of conviction behind investing in the Phoenix apartment market. We think the diversified employment base and relative affordability are here to stay.”
Built in 1980, SBREP has pledged to spend $4 million on a capital improvement plan that will concentrate on exterior embellishments as well as common areas and unit interiors.
Improvements of the neighboring 68-acre Metrocenter Mall site are underway, that will include residential and mixed-use buildings including a light rail connection. It’s slated for completion in 2024.
- ◦Sale/Acquisition
