SB Real Estate Sells Phoenix Portfolio for $96M
The properties last traded in 2020 for about half the current price tags.
SB Real Estate Partners has sold a multifamily portfolio including Portola at Grovers Park and Portola West Valley, both in Phoenix. Rise48 Equity acquired the properties totaling 365 units for $96.4 million and is planning an $8 million refurbishing plan bringing upgrades to all unit interiors as well as property exteriors. Rise48 Equity is rebranding Portola at Grovers Park as Rise on Cave Creek and Portola West Valley as Rise at Estrella Park.
SB Real Estate had purchased the two properties in the second half of 2020, from two different selles, for a total of $55.3 million, according to Yardi Matrix data.
Completed in 1985, the properties comprise one- and two-bedroom apartments. Portola at Grovers Park encompasses 141 units, ranging from 550 square feet to 850 square feet. Common-area amenities include two pools, two laundry facilities and covered parking.
Portola West Valley, a 224-unit asset, has 18 two-story buildings, with floorplans averaging 892 square feet. Community amenities include a pool and spa, sport courts and an updated clubhouse, among others.
Located at 17646 N. Cave Creek Road, Portola at Grovers Park is less than half a mile from green areas such as the Grover’s Basin Park B and the Grover Basin Dog Park. Portola West Valley is located at 1801 N. 83rd Ave., within 2 miles of a Target, the Desert Sky Mall and a Walmart Supercenter.
Executive Managing Directors David and Steve Gebing of Institutional Property Advisors represented SBREP for the Portola at Grovers Park sale, while Executive Managing Directors David Fogler and Steven Nicoluzakis of Cushman & Wakefield arranged the transaction for Portola West Valley.
Rise48 Equity continues to expand its Phoenix portfolio, now holding more than 2,700 units in the area, including last year’s $56 million purchase of a 352-unit community in Glendale, Ariz.