Resource Real Estate Buys Phoenix Community for $55M

Bascom Arizona Ventures sold Indigo Creek, a 408-unit community built by Gray Development Group in the Arrowhead region in 1993.
Indigo Creek

Indigo Creek

Marcus & Millichap has announced the sale of Indigo Creek, a 408-unit community in Glendale, Ariz. Resource Real Estate purchased the property for $55.2 million, or $135,294 per unit. Gebing and Cliff David, senior directors of Marcus & Millichap National Multi-Housing Group in Phoenix, represented the seller, Bascom Arizona Ventures.

The community is located at 14221 N. 51st Ave., on more than 19 acres, in the Arrowhead region of Phoenix and in close proximity to the Bell Road Retail Corridor, Banner Thunderbird Medical Center and Arizona State University.

Indigo Creek consists of two- and three-story buildings and features one-, two- and three-bedroom units averaging 983 square feet. The community was developed in 1998 by Gray Development Group and offers amenities such as a fitness center, a clubhouse, three swimming pools and two spas. Some of the units feature private balconies and fire sprinklers. According to Yardi Matrix data, the property was 92.4 percent occupied as of March.

“Indigo Creek is a vibrant, luxury multifamily asset that provides new ownership with the opportunity to enhance revenue through the continued implementation of the apartment interior renovation program,” Steve Gebing, IPA senior director, said in prepared remarks.

Last month, Marcus & Millichap closed the sale of six communities encompassing 1,164 units in Texas.

Image courtesy of Yardi Matrix