Built about three years ago, the 240 units were developed by its Phoenix seller, Indigo Springs LLC, an entity of Phoenix-based multifamily developer Gray Development. The first phase of the class A complex, which contains 176 units, was completed in 1999. The remaining 64 units delivered in 2000.

The seller's representative, Mark Forrester of the Phoenix office of Hendricks & Partners tells GlobeSt.com that the property initially came to market about a year ago, but obviously failed to sell. Forrester saw the listing, identified a buyer and closed the deal. He has another multifamily sale crossing the closing table in the coming weeks, a testament to the product's strength. Independent broker John Gates of Phoenix represented the Indigo Springs buyers.

Forrester wouldn't speculate why Gray was selling the property other than to say it was stabilized and ready to sell. Indigo Springs' occupancy was in the mid-90% at sale time.The complex is situated on the northwest corner of Stapley Drive and Superstition Freeway. It backs up to a municipal park and is across the street from about one million sf in retail and office properties.

The average monthly rent is $850 per unit for 900 sf, the average size unit. The design has nine-foot ceilings, washers and dryers and some include garages.