CBRE facilitated the sale of Green Leaf Arts District, a 280-unit apartment property in Phoenix, to KB Investment Development for an undisclosed sum.
Located at 222 E McDowell Road, the 2017-completed property sits in Phoenix’s central business district, in proximity to historic neighborhoods featuring mature landscaping and 20th century architecture, art galleries and restaurants. The metro Light Rail connects residents with the major employment centers along Central Avenue.
Units average 860 square feet and include such features as nine-foot ceilings, gourmet kitchens, granite countertops, stainless-steel appliances and modern cabinetry. Common area amenities include a two-story clubhouse with upscale chef’s kitchen, a swim deck with a pool, spa and covered fireplace, a two-story state-of-the-art fitness facility and outdoor yoga lawn and a gaming area with barbeque grills and fire pits.
“Green Leaf Arts District resonates directly with growing resident demand in the urban core,” said Pesch. “This is a property within a high-growth market.”
Added Khosro Khaloghli, KB Development’s CEO and founder, “This top-tier project exemplifies what Phoenix residents are seeking now–the relaxing embrace of a resort surrounded within arm’s reach by every kind of cultural and entertainment option. I’m very pleased to add Arts District Apartments to KB Development’s highly selective portfolio of apartment communities. KB will continue to expand its holdings in the exceptionally vibrant Phoenix market–in fact, we’ve recently fortified our acquisition fund to $1 billion and are actively seeking opportunities.”
Phoenix was ranked No. 2 in population growth, according to the U.S. Census Bureau in 2021. Absorption is accelerating with the Central Corridor leading all Metro Phoenix urban submarkets in multifamily absorption in 2021, and Downtown Phoenix is projected to add about 7,500 new residents in the next five years.