SB Real Estate Partners Expands Phoenix-Area Portfolio with $24.3M Multifamily Purchase

by Amy Works

MESA, ARIZ. — Irvine, Calif.-based SB Real Estate Partners has acquired ReNew 3030, a Class B apartment community in Mesa. An undisclosed seller sold the property for $24.3 million. SB Real Estate renamed the asset Portola East Mesa and will implement a capital improvement program.

Located at 3030 E. Broadway Road, Portola East Mesa features 126 garden-style apartments in a mix of one- and two-bedroom units ranging from 580 square feet to 805 square feet with walk-in closets, in-unit washers/dryers and high-speed internet. On-site amenities include a swimming pool, picnic area with grill, fitness center and bark park.

Chris Canter, Brad Goff and Brett Polacheck of Newmark represented the seller the transaction. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital arranged joint venture equity as part of a larger program, as the buyer plans to close on more than $150 million of multifamily acquisitions during third-quarter 2021 across Arizona, California and Nevada.

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