SB Real Estate Partners move forward with $350M Southwest expansion
Over the past 12 months, a programmatic partnership arranged by Berkadia has now delivered more than $100 million in equity towards SB Real Estate Partners’ (SBREP) multifamily expansion throughout the Southwest. On August 25, SB Real Estate closed on the $56.4 million acquisition of Obsidian on Ocotillo —renamed “Portola Glendale” — a 232-unit multifamily property in the Glendale suburb of Phoenix, Arizona, with a $23 million investment from the equity partner.
Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital sourced the equity provider, a Texas-based family office, as part of a broader programmatic relationship that launched in September 2021. With the closing of Portola Glendale, the partnership has acquired seven multifamily assets with a total transaction volume at more than $350 million including 620 units in Phoenix, 497 units in Las Vegas and 124 units in Redlands, California.
READ ALSO: Obsidian on Ocotillo Apartments in Glendale sell for $56.4M
“Our team prides itself on putting together long-term partnerships between sponsors and capital and we knew that with SB Real Estate’s deep knowledge of Las Vegas, Phoenix and the Inland Empire that the family office would be keen to set up a programmatic relationship with a group of this quality,” Kirkpatrick says.
“Chinmay, Noam and Cody’s capital relationships have been transformative for the SBREP platform. Inclusive of the programmatic family office partnership, their involvement has been the rocket fuel to help turbocharge SBREP’s portfolio expansion across the Southwest since 2021. These guys are invaluable with respect to finding solutions across the entire capital stack,” says Srijin Bandyopadhyay, founder and Managing Principal of SBREP.
Built in 1986 and located at 6801 W Ocotillo Road, Portola Glendale is a two-story garden-style apartment community offering one- and two-bedroom apartments ranging from 659 to 905 square feet. The gated community amenities include a pool, playground, business center, fitness center and racquetball court. The property is just 10 minutes from Glendale Community College, and less than 15 minutes from Grand Canyon University and Arizona State University, West.