GLENDALE, AZ-After a hold of nearly three years, an affiliate of Pasadena, CA-based Evergreen Development LLC has sold the 408-unit Indigo Creek Apartments for $45.3 million. The buyer of the eight-year-old complex is Falcon Southwest Development Co. of Austin.
"This was the seller's game plan to hold the property for three years and, as the marketed improved, which they hoped it would and did, to sell it and move onto something else," says Mark Forrester with Hendricks & Partners' Phoenix office. He and colleague Chuck LaBenz brokered the transaction on behalf of the seller, Indigo Creek Investors LLC, which had acquired the 14221 N. 51st St. development in late 2003 for $34.6 million.
Forrester says the deal went smoothly from start to finish. "We had a 30- to 45-day marketing window. And from start to finish, the thing closed in 90 to 100 days," he tells GlobeSt.com.
Falcon Southwest beat out other offers because it offered the best price. "We'd done business with the buyer before and they had a great track record," Forrester says. "We knew them well and felt comfortable with them."
Indigo Creek Apartments was 93% occupied at sale time. The mix of one-, two- and three-bedroom apartments rent for $649 to $850 per month.
The seller isn't completed with its Phoenix dispositions at this point. Forrester says Evergreen has the 131-unit Lexington on Central at 10 W. Minnezona Ave. on the market for $20 million. He says there's been interest in the six-year-old complex, but there's no signed deal as yet.
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