SB Real Estate Partners buys Bloom 24 apartments for $34.2M
SB Real Estate Partners (“SBREP”) has acquired Bloom 24, a 114-unit garden style multifamily community in Phoenix AZ for $34.2 million. 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.
READ ALSO: Here is the Phoenix commercial real estate outlook for 2022
“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.”Built in 1973 and located at 2323 East Flower Street, the property will be rebranded as Portola Biltmore. SBREP is planning a $2 million 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 square feet as well as unique two-bedroom loft plans which average 1,100 square feet. 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.