SB Real Estate Enters Las Vegas With $67M Buy

2 min read

The new owner plans to inject $2 million to renovate the 241-unit community.

Portola on Russell. Image courtesy of SB Real Estate Partners

SB Real Estate Partners has entered the Las Vegas market with the acquisition of the 241-unit Russell Apartments for $67 million. The seller was Watt Cos. Cushman & Wakefield represented the seller, while Berkadia arranged joint venture equity. 

The asset last changed hands in 2019, when Bascom Group sold it for $43.9 million, Yardi Matrix shows.

The property, formerly known as Chapel Hill, comprises 19 two-story buildings with one- to three-bedroom floorplans ranging from 679 to 1,166 square feet, according to Yardi Matrix data. Amenities include a pool, a clubhouse, barbecue grills, a fitness center and a dog park. At the time of the sale, the community was 98 percent leased.

Located at 962 W. Russell Road, the asset is less than 2 miles south of Crossroads Plaza Shopping Center. Several restaurants are within a 1-mile radius of the property, and Southern Hills Hospital and Medical Center is 2 miles southwest.

Building up curb appeal

The buyer plans to invest $2 million into capital improvements at the community, rebranding it as Portola on Russell. The owner will renovate unit interiors and upgrade building exteriors.

The value-add investor is committed to building a significant portfolio in the Las Vegas metro area during the next 12 months, SB Real Estate Founder & Managing Principal, Srijin Bandyopadhyay, said in a prepared statement. He added that the company intends to invest more than $100 million in acquisitions in the first quarter of 2022.

Last month, SB Real Estate paid $46 million for a value-add opportunity in the Inland Empire. The investor plans to rebrand the 124-unit asset as Portola Redlands.

Taylor Sims, Carl Sims and Brady Cleary of Cushman & Wakefield’s Multifamily Advisory Group in Las Vegas brokered the sale on behalf of the seller. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital arranged joint venture equity for the buyer.  

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