SB Real Estate Partners has bought ReNew Redlands, a 124-unit community in the Inland Empire, for $46.2 million. FPA Multifamily was the seller, according to Yardi Matrix. Walker & Dunlop represented FPA, and Berkadia arranged joint venture equity. The property has been rebranded as Portola Redlands.
Located on 8 acres at 1250 University St. in Redlands, Calif., the property encompasses two-bedroom units ranging from 910 to 1,140 square feet. The community’s amenities include a swimming pool and barbecue area.
The community, adjacent to the University of Redlands, is near Interstate 10 and the Foothill Freeway. Downtown Redlands historic district is less than 2 miles southwest and the Mountain Grove Shopping Center is 3 miles west.
The new owners plan to invest $2.5 million in capital improvements at the 1985-built community, formerly known as Sunset View. The investors are committed to building out a portfolio in the Inland Empire, according to Founder & Managing Principal Srijin Bandyopadhyay, which has benefited greatly from the surge in e-commerce activity in recent years.
Blake Rogers and Hunter Combs of Walker & Dunlop worked on behalf of the seller. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick headed up the Berkadia team.