SB Real Estate Partners (SBREP) has acquired Azura Apartments, a 387-unit garden style multifamily community in Phoenix, Arizona for $91 million. The property will be rebranded as Portola North Phoenix.
SBREP has been an active buyer and seller in the greater Phoenix MSA, with more than $250 million in transaction volume so far during the first half of 2022. SBREP also has two additional properties under contract in the Phoenix market totaling more than $100 million of purchase price, with both slated to close in July.
“SBREP continues to have a high level of conviction behind investing in the Phoenix apartment market. We think that the diversified employment base and the relative affordability are here to stay over the intermediate-to-longer term,” said SBREP Founder and Managing Principal, Srijin Bandyopadhyay.
Built in 1980, the property is located at 2700 W Sahuaro Drive, immediately across from the former Metrocenter Mall within the North Phoenix submarket. The City—in partnership with local and national developers—plans to redevelop the 68-acre mall site based on a residential and mixed-use suburban village concept including a light rail extension slated for 2024 completion. The property also benefits from its proximity to Interstate 17 providing residents with access to Phoenix’s I-17 and Deer Valley employment corridors.
The property consists of studio, one-bedroom and two-bedroom floor plans ranging from 474 square feet to 924 square feet. Community amenities include a recently modernized clubhouse, three swimming pools, three laundry facilities, secured-access gating, along with BBQ and playground areas.
SBREP is planning a $4 million capital improvement program to enhance the property’s exterior / curb appeal, common area amenities and unit interiors.
Cliff David and Steve Gebing with Institutional Property Advisors (IPA) represented the buyer.