Dealmaker: SB Real Estate Partners Acquires Arizona Apartments for $58M

SB Real Estate Partners, Irvine, Calif., acquired Cantamar Apartments, a 180-unit garden-style multifamily community in Glendale, Ariz., for $58.1 million.

The firm will rebrand the property Portola On Bell.

“Given the diverse and high-quality employment growth throughout the metro, we continue to remain bullish toward the Phoenix apartment market on an intermediate- to longer-term basis,” said SBREP Founder and Managing Principal Srijin Bandyopadhyay.

Bandyopadhyay noted employers are drawn by the area’s labor pool and pro-business environment as well as its robust net in-migration. “These factors collectively continue to drive very favorable supply-demand dynamics for multifamily investors,” he said.

Built at 16630 N 43rd Avenue in 1998, Cantamar Apartments sits four miles east of Arrowhead Ranch within commuting distance to employment hubs in the downtown, Scottsdale, Deer Valley and Desert Ridge/Kierland areas. Major employers nearby include USAA, Discover Financial Services and Blue Cross Blue Shield.

SBREP also has a north Phoenix property under contract for nearly $90 million, slated to close in April.