SB Real Estate Partners (SBREP) has acquired Cantamar Apartments, a 180-unit garden style multifamily community in Glendale, Arizona for $58.1 million. The property will be rebranded as Portola On Bell.
SBREP has been an active investor in the greater Phoenix MSA, with approximately $200 million in transaction volume over the past two months. SBREP also has one additional property in North Phoenix under contract for nearly $90 million, which is slated to close in April.
“Given the diverse and high-quality employment growth throughout the metro, we continue to remain bullish towards the Phoenix apartment market on an intermediate to longer-term basis,” said SBREP Founder & Managing Principal, Srijin Bandyopadhyay. “Employers continue to be drawn in by the deep labor pool and the city’s pro-business environment, along with robust 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 1998, the property is located at 16630 N 43rd Avenue in Glendale, just four miles east of Arrowhead Ranch with immediate access to the substantial amenity base along Bell Road. The property offers residents commuting access to Phoenix’s major employment hubs across the Downtown, Scottsdale, Deer Valley and Desert Ridge/Kierland areas via I-17 and Loop 101. Major employers in proximity include USAA, Discover Financial Services, Farmers Insurance and Blue Cross Blue Shield.
The property consists of large floor plans averaging 1,086 square feet across the entire unit mix, with one-bedroom offerings averaging 834 square feet, two-bedrooms representing almost half of the property and averaging 1,181 square feet, along with three-bedrooms averaging 1,366 square feet. All units include washer-dryers, 9-foot ceilings and spacious balconies. Tenant amenities include a community swimming pool, a fitness center and a resident clubhouse with a business center.
SBREP is planning a $4 million capital improvement program to enhance the property’s exterior / curb appeal, common area amenities and unit interiors.