SB Real Estate Partners (SBREP) recently completed the sale of a two-property 365-unit multifamily portfolio in Phoenix to Rise48 Equity for $96.4 million. The sale, structured as separate transactions closing two weeks apart, included the 141-unit Portola at Grovers Park in North Phoenix and the 224-unit Portola West Valley in West Phoenix.

SBREP, which has built a sizable portfolio of approximately 1,500 units in Phoenix since entering the market in 2018, acquired both communities during the second half of 2020.

“We’re proud of the significant value we were able to create by substantially repositioning our Grovers Park and West Valley properties over a relatively short period of time,” says Srijin Bandyopadhyay, founder and managing principal of SBREP. “While we continue to remain bullish as active buyers in the Phoenix multifamily market, we were also willing to adapt to the capital markets and round out a shorter-term business plan in order to deliver tremendous results to our investors.”

Rise48 Equity plans to spend more than $8 million to renovate the exterior and interiors of both properties and rebrand Portola at Grovers Park as Rise on Cave Creek and Portola West Valley as Rise at Estrella Park. In addition, Rise48 will renovate 100 percent of the unit interiors across the portfolio to the Rise48 Equity Platinum level finish as well as upgrade common area amenities.

Both properties were built in 1985 and feature a mix of one- and two-bedroom floorplans. The apartment homes at Portola at Grovers Park located at 17646 N. Cave Creek Rd. range in size from 550 square feet to 850 square feet. Portola West Valley located at 1801 N. 83rd Ave. features larger floorplans averaging 892 square feet.

Cliff David and Steve Gebing of IPA represented SBREP for the Portola at Grovers Park transaction. David Fogler and Steven Nicoluzakis with Cushman & Wakefield in Phoenix represented SBREP for the Portola West Valley transaction.