News

Multifamily Investment Firm Purchases 128-unit Apartment Community for $27.5 Million  PHOENIX — SB Real Estate Partners “SBREP” has acquired East 3434 Apartments, a Class B, 128-unit garden-style apartment community located in Phoenix, Ariz., for $27.5 million. The property has been renamed Portola at Papago, and SBREP intends to execute a $2 million capital improvement program.

SBREP purchases 126-unit community for $24.3 million, rebrands as Portola East Mesa  MESA, Ariz. — SB Real Estate Partners (“SBREP”) has acquired ReNew 3030, a Class B, 126-unit garden-style apartment community located in Mesa, Arizona, for $24.3 million. The property was renamed Portola East Mesa and will undergo a capital improvement program.

106 New Single-Family Homes Available  HANFORD, Calif. – San Joaquin Valley Homes (SJV Homes) and Presidio Residential Capital are pleased to announce the grand opening of Sterling Oaks, the first residential neighborhood located within the planned community of Live Oak, offering 106 detached single-family houses priced starting at $325,900, on Saturday, September 18, 2021, from 10 a.m.

Commercial Real Estate Investment Firm Has Acquired Its Fifth and Sixth Properties in Phoenix PHOENIX/SAN DIEGO — San Diego-based Tower 16 Capital Partners has acquired two properties across two separate transactions totaling 508 units in Phoenix, Ariz., for a total of $78.5 million. Banyantree Apartments, a 232-unit multifamily property located in Phoenix, Ariz., was acquired

PHOENIX — Tower 16 Capital Partners has sold IVilla Garden Apartments, a 214-unit multifamily project in Phoenix, for $30 million. The property was purchased by Tower 16 in February 2020 for $15.1 million in an off-market transaction. The new buyer is Tides Equities, one of the largest apartment owners in the Phoenix market, who is

  Central Valley Developer Will Build 155 Single-Family Homes  TULARE, Calif. – San Joaquin Valley Homes (SJV Homes) and Presidio Residential Capital closed on a parcel of land in northeast Tulare, complementing its other two communities in the area, Kensington and Brighton. The new community called Cypress Park will consist of 155 single-family detached homes

   Local Valley Homebuilder Presents Lucky Homebuyer a Check for $2,500 at Greystone in Visalia, California  VISALIA, Calif. – San Joaquin Valley Homes (SJV Homes) announces it has closed its 2,500th home after fewer than eight years building homes in the Central Valley.

Commercial Real Estate Investment Firm Plans Significant Renovations at Both Properties COLTON/SAN DIEGO — San Diego-based Tower 16 Capital Partners has acquired a two-property multifamily portfolio consisting of 214 units in Colton, Calif., for $41 million. The 1333 Canyon project consists of 104 units built in 1986 while the Reche Ridge Apartments includes 110 units

Presidio Residential Capital, a San Diego-based real estate management company, announces that four of its California joint venture partners were named to Builder Magazine’s 2021 Next 100 list, the housing industry’s premier ranking of the nation’s most active homebuilders.

Tower 16 Capital Partners has sold Hillside Village Apartments, an 80-unit multifamily project in San Bernardino, for $16.5 million. The property was purchased in January 2019 for $11 million in an off-market transaction. Tower 16 recently sold another Inland Empire property, The District at Grand Terrace, for $88 million.