SB Real Estate Partners has acquired Obsidian on Ocotillo, a 232-unit multifamily property in Glendale, Ariz., for $56.4 million. The firm’s equity partner, a Texas-based family office sourced by Berkadia, provided $23 million for this purchase.
The buyer also used a $37.3 million Freddie Mac acquisition loan from JLL, Yardi Matrix data shows. The 1985-completed property previously traded in 2021, when the current seller, Tower 16 Capital Partners, bought it in a $55 million portfolio transaction.
Renamed to Portola Glendale, the 13-building community at 6801 W. Ocotillo Road encompasses one- and two-bedroom units ranging from 659 to 905 square feet. Common-area amenities include a pool, playground, business center, fitness center and racquetball court. The property is 1.3 miles from downtown Glendale, 3.8 miles from the city’s Sports and Entertainment District and within 11 miles of downtown Phoenix.
Focusing on expansion
Berkadia Senior Managing Director Chinmay Bhatta, together with Managing Directors Noam Franklin and Cody Kirkpatrick, provided the Texas-based equity partner as part of a larger programmatic relationship that launched in September 2021. The partner has provided SB Real Estate with more than $100 million in the last 12 months, contributing to the company’s $350 million Southwest multifamily expansion.
The Glendale asset purchase brought the partnership’s portfolio to seven multifamily properties that include 620 units in Phoenix, 124 units in Redlands, Calif., and 497 units in Las Vegas. The joint venture paid $67 million for the first Las Vegas asset, the 241-unit Portola on Russell, and $73.1 million for the second one, the 256-unit Portola West Vegas.