SB Real Estate Partners has acquired Azura Apartments, a 387-unit community in Phoenix, for $91 million. According to Yardi Matrix data, the property last changed hands in 2018 when Jevan Capital sold the asset for $38.2 million. Institutional Property Advisors represented SBREP in the transaction.
The company will rebrand the community as Portola North Phoenix and has plans for a $4 million capital improvement program to renovate the property.
Built in 1980, the 39 two-story buildings, spanning 14 acres, encompasses studio, one- and two-bedroom apartments, averaging 704 square feet. Common-area amenities include a clubhouse, a tennis court, three swimming pools, a spa, a playground and three laundry facilities.
Located at 2700 W. Sahuaro Drive, the property is approximately 11 miles from downtown Phoenix and has easy access to Interstate 17. Across from the community, the 68-acre Metrocenter Mall is being redeveloped into a residential and mixed-use village, slated for a 2024 completion. Numerous dining and retail options are available in the immediate area and along West Peoria Avenue.
Executive Managing Directors Cliff David and Steve Gebing of IPA represented the buyer.
Earlier this year, SB Real Estate Partners sold two communities for $96.4 million to Rise48 Equity.