JLL announced today it has closed the $75 million sale and arranged $57.2 million in acquisition financing for Indigo Palms, a 432-unit, garden-style multi-housing community in Phoenix, Arizona.
JLL represented the buyer, Knightvest Capital, in the purchase of the property from a high-net-worth individual in an off-market transaction. JLL also worked exclusively on Knightvest’s behalf to place the acquisition financing with a national bank.
Indigo Palms, which Knightvest has rebranded as Oxford Apartments, is located at 38th Street and McDowell Road on the border of the Arcadia and Tempe neighborhoods. The property consists of 28 two-story buildings that encompass a mix of one-, two- and three-bedroom units totaling 404,987 rentable square feet. Apartment homes include spacious floor plans, large walk-in closets, fully equipped kitchens, high ceilings, and balconies or patios. Community amenities include a resort-style pool, spa, fitness center, clubhouse, gated access and optional private garages. The property was 94% occupied at closing.
The JLL Capital Markets investment advisory team representing the buyer was led by Director Mike Higgins.
JLL’s Capital Markets debt placement team representing the new owner consisted of Senior Director Brad Miner, Senior Managing Director Andy Scott and Director Mark Brandenburg.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
