SBREP Acquires 387-Unit Arizona Multifamily for $91M
Irvine-based SB Real Estate Partners (SBREP) has purchased Azura Apartments, a 387-unit, garden-style community in Phoenix, AZ for $91 million. With this acquisition, the company has now transacted more than $250 million in volume in the greater Phoenix area this year.
“SBREP continues to have a high level of conviction behind investing in the Phoenix apartment market,” said Founder Srijin Bandyopadhyay in a news release. “We think that the diversified employment base and the relative affordability are here to stay over the intermediate-to-longer term.”
The property, which will be rebranded as Portola North Phoenix, consists of studio, one- and two-bedroom floor plans ranging from 474 to 924 square feet. Community amenities include a clubhouse, three swimming pools, BBQ areas and secured-access gating. SBREP is planning a $4 million capital improvement program to enhance the exterior, unit interiors and common area amenities.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.