Phoenix’s Indigo Palms Sells for $75M

Indigo Palms in Phoenix has traded hands for $75 million. Knightvest Capital, in the purchase of the property from a high-net-worth individual in an off-market transaction and secured a $57 million acquisition loan.

The property is an 432-unit, garden-style multi-housing community in Phoenix, Arizona. It consists of 28 two-story buildings that encompass a mix of one-, two- and three-bedroom units totaling 404,987 rentable square feet and is 94% occupied.

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.