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June 22, 2024
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SB Real Estate Partners Buys 224-Unit Apartment Complex in Phoenix


In a recent Phoenix res buy, SB Real Estate Partners (SBREP) has purchased Casa Anita Apartments, a 224-unit multifamily community located in the city’s West Valley submarket, for $35.3 mil ($157.6k/unit).

The property had previously been under private ownership with a California-based family since 2005. SBREP will rebrand the property as Portola West Valley.

The two-story garden property was originally built in 1986 and is located 1801 N. 83rd Ave. Consisting of 18 buildings, the property totals 199.8k sf on 8.7 acres. It contains primarily two-bedroom floor plans that average approximately 980 sf in size. All units have large private patios, convenient breakfast bars and spacious closets. There are 344 parking spaces onsite.

Property renovations planned by SBREP will include modernizing the leasing clubhouse, building exteriors and common area amenities at the property. Among various interior unit upgrades, SBREP plans to replace existing flooring with modern vinyl plank, install new stainless appliances and upgrade lighting fixtures to more modern and energy-saving LED products.

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