By Paul Bubny
Casa Anita Apartments – a 224-unit multifamily community located in the West Valley submarket of Phoenix – was recently acquired by SB Real Estate Partners (SBREP) for $35.3 million. This acquisition presents yet another significant value-add opportunity within this pocket of Phoenix, said Srijin Bandyopadhyay, managing principal at Irvine, CA-based SBREP.
The property previously had been under private ownership with a California-based family since 2005. SBREP will rebrand the property as Portola West Valley.
The two-story garden property was originally built in 1986 and is located 1801 N. 83rd Ave. The 18-building property totals 199,808 square feet on 8.7 acres, offering primarily two-bedroom floor plans.
Property renovations planned by SBREP will include modernizing the leasing clubhouse, building exteriors and common area amenities, and interior unit upgrades.
This acquisition follows SBREP’s sale of Cordova Apartments in October 2020, after its 2019 acquisition.
https://www.connectcre.com/stories/casa-anita-is-sb-real-estates-second-west-valley-acquisition/