SBREP Picks Up an Additional Multifamily Complex for $58M
SB Real Estate Partners is picking up another multifamily community near Phoenix – upping its total transaction volume to ~$200 million over the past two months.
This purchase from SBREP is Cantamar Apartments, a 180-unit, garden-style property, with a sales price of $58.1 million. The property will be rebranded as Portola On Bell, according to a news release.
SBREP also has one additional property in North Phoenix under contract for nearly $90 million, which is slated to close in April.
Newly named Portola On Bell was built in 1998 and is located at 16630 N 43rd Ave. in Glendale, just four miles east of Arrowhead Ranch with immediate access to the substantial amenity base along Bell Road.
The property offers residents commuting access to Phoenix’s major employment hubs across the Downtown, Scottsdale, Deer Valley and Desert Ridge/Kierland areas via I-17 and Loop 101. Major employers in proximity include USAA, Discover Financial Services, Farmers Insurance and Blue Cross Blue Shield.