TEMPE, AZ - Sunroad Enterprises, a San Diego-based real estate investment and development firm, has acquired San Portella, a 308-unit multi-family community located in Tempe, Arizona for an undisclosed price. The purchase is part of a recent expansion effort helping Sunroad solidify its multi-family property portfolio growth in the western United States, including Arizona, California, Nevada and Washington.
“The purchase of San Portella aligns closely with Sunroad’s vision to expand in the growing Phoenix market,” said Dan Feldman, President of Sunroad Asset Management. “Located in the highly desirable Tempe area, San Portella is a unique acquisition opportunity that will allow Sunroad Enterprises to provide enhanced benefits for residents and strengthen our portfolio.”
San Portella was developed by Mark Taylor in 1986 in the prestigious Fountainhead area at 2155 South 55th Street, Tempe, Arizona. With one-, two- and three-bedroom floor plans, San Portella offers a variety of housing options for local renters.
“San Portella is a unique multi-family community, and it was our goal from the outset to find a buyer that would make a strong commitment to perform,” said Sean Cunningham of CBRE, who marketed the property for sale. “We are proud to have found that partner in Sunroad Enterprises. The property and tenants will benefit from the skilled multifamily experience of Sunroad in years to come.”
Sunroad Enterprises plans to invest more than $4,000,000 in exterior and interior renovations, which are expected to be completed in early 2019. Renovation plans include enhancements to the community gym, outdoor barbeque facilities, cabanas, recreation areas, a community demonstration kitchen, beer taps, outdoor televisions, and an active game room.
“Sunroad’s acquisition of San Portella follows a strong period of growth for our company,” said Mike Dow, Executive Vice President of Sunroad’s Multifamily Division. “We are proud to continue on this positive trajectory as we work to solidify our presence as a leading firm not only in San Diego, but the Southwest region.”