Knightvest Expands Phoenix Footprint With $75M Buy
Canadian Imperial Bank of Commerce provided the buyer with more than $57 million in financing for the purchase of the 432-unit Class A multifamily asset.
Indigo Palms Apartment Homes
Brunton Management Co. has sold Indigo Palms Apartment Homes, a 432-unit Class A community in Phoenix, to Knightvest Capital for $75 million, per data from Yardi Matrix. The buyer financed the acquisition with a $57.2 million mortgage from Canadian Imperial Bank of Commerce. The property last changed hands in late 2013, when Brunton paid $40 million to Mercury Investments.
Following the acquisition, Knightvest rebranded the property as Oxford Apartments. Located at 3777 E. McDowell Road some 5 miles east of downtown Phoenix, the community is just north of the Red Mountain Freeway and is 4 miles from Sky Harbor International Airport.
The community, which opened in two phases in 2001 and 2003, has one-, two- and three-bedroom units, with floorplans ranging from 663 to 1,159 square feet. Amenities include clubhouse, fitness and business centers, two swimming pools and assigned, covered parking. Yardi Matrix shows the asset was 93.5 percent occupied in September, 120 basis points below the metro’s average for Class A properties.
In the past two years, Knightvest has acquired seven multifamily assets in Phoenix, totaling 2,745 units, according to Yardi Matrix. Late last year, the firm purchased a 352-unit community from P.B. Bell Cos. for $49 million.
