JLL 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.
JLL represented the buyer, Knightvest Capital, in the purchase of the property from an unnamed high-net-worth individual in an off-market transaction. In 2013, the asset was purchased by Newport Coast, Calif.–based Incom Apartments, a company formed by Canadian investor Bill Comrie, paying $40 million. He is the founder of The Brick, one of Canada’s largest volume retailers of furniture, mattresses, appliances and home electronics.
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