The 126-unit Renew 3030 community was acquired for $24.3 million
Mesa, Ariz. (September 21, 2021) – Berkadia announces it has secured a programmatic capital partner to help SB Real Estate Partners (“SBREP”) expand its multifamily portfolio in the Southwest. 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 $150 million of multifamily acquisitions during Q3-2021 across Arizona, California and Nevada.
In the first deal to close, the capital partner provided approximately $12 million in equity for SB Real Estate’s acquisition of Renew 3030, a Class B, 126-unit garden-style apartment community located in Mesa, Arizona, for $24.3 million. The property was renamed “Portola East Mesa” and will undergo a capital improvement program.
Based in Irvine, California, SB Real Estate Partners is a multifamily investment firm committed to acquiring and asset managing value-add apartment projects throughout the Western United States.
“Our team prides itself on finding long-term capital partners for experienced sponsors and we look forward to the continued success between SB Real Estate Partners and the Dallas-based family office,” said Franklin. “SB Real Estate Partners’ ability to source off-market and unique situations coupled up with the capital fire power of the family office will ensure that they are very active for the rest of 2021 and beyond.”
Located at 3030 East Broadway Road, Portola East Mesa was built in 1984 and offers one- and two-bedroom units ranging from 580 square feet to 805 square feet with walk-in closets, in-unit washer/dryer, and high-speed Internet. Community amenities include a swimming pool, picnic area with grill, a state-of-the-art fitness center and a bark park.
The property is conveniently located close to US 60 and AZ Loop 202 and is just minutes away from AZ Loop 101, Phoenix Sky Harbor Airport, the Valley Metro Light-Rail expansion plus the wide variety of shopping at Mesa Grand and Mesa Riverview Shopping Centers.