SB Real Estate Partners (SBREP) recently acquired Bloom 24, a 114-unit garden style multifamily community in Phoenix for $34.2 million. Built in 1973 and located at 2323 East Flower St., the property will be rebranded as Portola Biltmore. SBREP is planning a $2 million capital improvement program to enhance the property’s exterior/curb appeal, common area amenities and unit interiors.

While recently selling two of its Phoenix properties for nearly $100 million, SBREP remains an active buyer within the Phoenix apartment market. The firm has two properties – equating to approximately $150 million of purchase price – under contract and set to close in April.

“Our aggressive investment approach in the Phoenix MSA continues to be fueled by the market’s robust multifamily fundamentals,” said Srijin Bandyopadhyay, SBREP founder and managing principal. “We continue to remain bullish towards the Phoenix apartment market on an intermediate- to longer-term basis, given the diverse and high-quality employment growth throughout the metro. Employers continue to be drawn in by the deep labor pool and the city’s pro-business environment, along with net in-migration resulting from the relatively affordable cost of living. These factors collectively continue to drive very favorable supply/demand dynamics for multifamily investors.”