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June 24, 2024
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KB Development Buys 300 Res Units in Phoenix


In a Phoenix multifamily trade, SoCal-based KB Development purchased Green Leaf on Bell, a 306-unit, Class A community. KB has renamed the community, located at 1100 Bell Rd, Palms Luxury Apartments.

Although we donít have the price in this deal, the asset was sold by Green Leaf Capital Partners, who acquired the property from Evergreen Devco in early 2019 for around $62 mil ($202.6k/unit).

Green Leaf on Bell features a large resort-style pool and spa area, with a fully equipped 24-hr fitness center and on-trend clubhouse with multiple gathering areas, including an expansive covered outdoor lounge. The adjacent 25-acre park adds walking paths and greenspace for resident use.

The community earned a National Green Building Standards certification for energy saving elements that promote operational efficiencies. One-, two- and three-bedroom floor plans feature wood-style plank flooring, granite countertops, energy efficient stainless-steel appliances, modern cabinetry, energy efficient washer and dryer, low-flow toilets, LED lights and Nest thermostats.

CBREís Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented Green Leaf in the deal.

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