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1/19/22
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Rise48 Equity closed on a large multifamily buy in Arizona, paying $96.4 mil for a 365-unit ($264.1k/unit) portfolio in Phoenix. The trade, 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.
The properties were sold by SB Real Estate Partners (“SBREP”), which has built a sizable portfolio of approximately 1,500 units in Phoenix since entering the market in 2018. The firm acquired both communities during the second half of 2020.
Rise48 Equity plans to spend over $8 mil 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. Improvements to both properties will include fresh three-tone exterior paint scheme and new monument signs with an LED backlight to improve the curb appeal. In addition, Rise48 will renovate 100% 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 sf to 850 sf. Community amenities include two swimming pools and two laundry facilities. Portola West Valley, located at 1801 N. 83rd Ave, feature larger floor plans averaging 892 sf. Community amenities include a swimming pool and spa, lighted sports court, gazebo with barbecue grill and updated clubhouse.
Cliff David and Steve Gebing of IPA represented SBREP for the Portola at Grovers Park transaction. David Fogler and Steven Nicoluzakis with Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented SBREP for the Portola West Valley transaction. According to SBREP Founder and Managing Principal Srijin Bandyopadhyay, the firm remains bullish as active buyers in the Phoenix multifamily market.
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