JLL closes $75M sale, $57.2M financing of Phoenix apartments
432-unit, garden-style community acquired by Knightvest Capital
PHOENIX, November 13, 2019 – 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.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Knightvest Capital
Knightvest Capital specializes in repositioning multifamily assets in major metropolitan markets. Through professional asset management and a high level of integrity, Knightvest Capital increases the value of properties while improving quality of life for its residents. Knightvest Capital derives stakeholder value through hands on asset management and construction oversight. Their exclusive multifamily focus in major markets enables better pricing of value and risk to identify projects with superior risk-adjusted returns. Knightvest Capital combines an entrepreneurial approach, professional property management and institutional quality reporting.