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6/08/22
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SB Real Estate Partners (“SBREP”) has acquired Azura Apartments, a 387-unit garden style multifamily community in Phoenix, for $91 mil ($235k/unit). The property will be rebranded as Portola North Phoenix.
Built in 1980, the property is located at 2700 W Sahuaro Dr, immediately across from the former Metrocenter Mall within the North Phoenix submarket. The city – in partnership with local and national developers – plans to redevelop the 68-acre mall site based on a residential and mixed-use suburban village concept including a light rail extension slated for 2024 completion. The property also benefits from its proximity to Interstate 17 providing residents with access to Phoenix’s I-17 and Deer Valley employment corridors.
The property consists of studio, one-bedroom and two-bedroom floor plans ranging from 474 sf to 924 sf. Community amenities include a recently modernized clubhouse, three swimming pools, three laundry facilities, secured-access gating, along with BBQ and playground areas.
SBREP is planning a $4 mil capital improvement program to enhance the property’s exterior / curb appeal, common area amenities and unit interiors.
Cliff David and Steve Gebing with Institutional Property Advisors (IPA) represented SBREP, an active buyer and seller in the greater Phoenix MSA, with more than $250 mil in transaction volume so far during the first half of 2022. SBREP also has two additional properties under contract in the Phoenix market totaling more than $100 mil of purchase price, with both slated to close in July.
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