AZ Big Media SB Real Estate Partners moves forward with $350 million Southwest expansion

In the last 12 months, a programmatic partnership arranged by Berkadia has now provided more than $100 million in equity to SB Real Estate Partners’ (SBREP) multi-family expansion throughout the Southwest. On August 25, SB Real Estate completed the $56.4 million acquisition of Obsidian on Ocotillo – rebranded “Portola Glendale” – a 232-unit multifamily property in the Glendale suburb of Phoenix, Arizona, with a investment of $23 million from the financial partner.

Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital have recruited the equity provider, a Texas-based family office, as part of a broader programmatic relationship that launched in September 2021. With the closing of Portola Glendale, the partnership has acquired seven multi-family assets with a total transaction volume of more than $350 million, including 620 units in Phoenix, 497 units in Las Vegas and 124 units in Redlands, California.

READ ALSO: Obsidian on Ocotillo Apartments in Glendale sold for $56.4 million

“Our team prides itself on building long-term partnerships between sponsors and capital and we knew that with SB Real Estate’s extensive knowledge of Las Vegas, Phoenix and the Inland Empire, the family office would be keen to establish a programmatic relationship with a group of this quality,” says Kirkpatrick.

“Chinmay, Noam and Cody’s capital relationships have been transformative for the SBREP platform. Including the family office programmatic partnership, their involvement has been rocket fuel to help drive the expansion of SBREP’s portfolio in the South West since 2021. These guys are invaluable in finding solutions across the capital stack,” says Srijin Bandyopadhyay, Founder and Managing Director of SBREP.

Built in 1986 and located at 6801 W Ocotillo Road, Portola Glendale is a two-story garden-style apartment community offering one- and two-bedroom apartments ranging from 659 to 905 square feet. Amenities in the gated community include a swimming pool, playground, business center, fitness center, and racquetball court. The property is just 10 minutes from Glendale Community College and less than 15 minutes from Grand Canyon University and Arizona State University, West.