The 128-unit 3434 Apartments community was acquired for $27.5 million
PHOENIX (October 13, 2021) – Berkadia announces it has secured the joint venture equity partner to help SB Real Estate Partners (“SBREP”) expand its portfolio in Phoenix, Ariz. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital arranged joint venture equity as part of a larger program, as SBREP plans to close on over $200 million in apartment assets by year’s end across the Phoenix, Las Vegas and Inland Empire markets.
In the second deal in the series to close, the capital partner provided equity for SBREP’s $27.5 million acquisition of 3434 Apartments, a Class B, 128-unit garden-style apartment community located in Phoenix, Ariz. The property has been renamed Portola at Papago, and SBREP intends to execute a $2 million capital improvement program. The acquisition follows SBREP’s recent purchase of Portola East Mesa for $24.3 million. SBREP already has roughly 1,000 apartment units under ownership in the Phoenix area.
“We’re excited to enter the Papago area, which we think will continue to thrive as a natural extension of Arcadia. The acquisition of Portola at Papago represents yet another significant value-add opportunity as SBREP continues to build out its portfolio in Phoenix,” said Srijin Bandyopadhyay, Founder & Managing Principal at Irvine, California-based SBREP.
Located at 3434 East McDowell Road, Portola at Papago was built in 1985 and offers one- and two-bedroom units ranging from 650 square feet to 850 square feet. Community amenities include a swimming pool, picnic and courtyard BBQ area, controlled security access gating and a children’s playground area.
The community is located near several major freeways including Interstate10, State Route 51 and Loop 202. The property’s central location offers its residents convenient access to various job corridors across Downtown and Central Phoenix, Scottsdale, Mesa and Tempe.