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2/09/15
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In an interesting Phoenix deal, Belkorp Holdings Inc has purchased Indigo, a formerly fractured condominium asset that over 24 months was transformed into a 108-unit, Class A apartment community. The asset was sold by Seattle-based Goodman Real Estate for $18.1 mil.
Indigo is located at 16160 S. 50th St, near I-10 and Chandler Blvd in Phoenix’s Ahwatukee submarket. Goodman purchased the property in 2013 as a fractured multifamily development, with 17 of its 30 units previously sold as condominiums and with the infrastructure in place to build an additional 78 units. Over 24 months, the owner acquired many of the previously sold units and developed the additional 78 units to de-fracture the 108-unit community to 101 rental units and seven individually owned units.
Today, Indigo features one- and two-bedroom, open-concept floorplans ranging from 903 sf to 1.5k sf. Unit amenities include stainless steel appliances, granite countertops, in-home washers and dryers, walk-in closets and personal patios or balconies. On-site amenities include a resident lounge, fitness center and resort-style pool and spa with cabanas and barbeques. The project currently sits at 94 percent occupied.
John Cunningham and Charles Steele of JLL represented the seller in the deal.
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