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November 29, 2022
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SB Real Estate Partners Picks Up 114-Unit AZ Multifamily Property

2/01/22

SB Real Estate Partners (“SBREP”) has acquired Bloom 24, a 114-unit garden style multifamily community in Phoenix, AZ for $34.2 mil, or $300k per unit.

Built in 1973 and located at 2323 East Flower St, the property will be rebranded as Portola Biltmore. SBREP is planning a $2 mil capital improvement program to enhance the property exterior / curb appeal, common area amenities and unit interiors.

The property’s unit mix consists of one-bedroom floor plans averaging 700 sf as well as unique two-bedroom loft plans which average 1.1k sf. Property amenities include a community swimming pool, secure gated access throughout the property, along with a tennis and basketball court area.

Located at the border of the Biltmore and Camelback East areas of Phoenix, the property provides its tenants with immediate access to the SR-51 and Camelback employment corridors. Tenants also enjoy proximity to the retail and lifestyle amenities of Midtown and Uptown Phoenix.

While recently selling two of its Phoenix properties for nearly $100 mil, SBREP remains an active buyer within the Phoenix apartment market. The firm has two properties – equating to approximately $150 mil 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 SBREP Founder & Managing Principal, Srijin Bandyopadhyay. “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.”





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