Berkadia-arranged programmatic partnership delivers more than $100m in equity toward SB Real Estate Partners’ $350m Southwest expansion
Over the past 12 months, a programmatic partnership arranged by Berkadia has now delivered more than $100 million in equity toward SB Real Estate Partners’ (SBREP) multifamily expansion throughout the Southwest.
Recently, SB Real Estate closed on the $56.4 million acquisition of Obsidian on Ocotillo (renamed Portola Glendale), a 232-unit multifamily property in Glendale, a suburb of Phoenix, with a $23 million investment from the equity partner.
Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital sourced 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 multifamily 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, Calif.
“Inclusive of the programmatic family of