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.
“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.