JLL Capital Markets today announced the closing of the sale and acquisition financing of Oxford Apartment Homes, a low density garden-style 432-unit community in Phoenix, Arizona.
JLL marketed the property on behalf of the seller, Knightvest Capital, and recruited the buyer, S2 Capital Partners. Additionally, working on behalf of the new owner, JLL secured the variable rate loan with Blackstone Mortgage Trust, Inc. (NYSE: BXMT).
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Oxford Apartment Homes consists of one, two and three bedroom units averaging 888 square feet. The seller has implemented two separate scopes of renovations to the property with 182 fully renovated units and 74 partially renovated units. Renovations to common areas included an upgraded clubhouse, fitness center and swimming pool, new parcel lockers, lighting upgrades and new signage.
Located at 3777 East McDowell Rd., Oxford Apartment Homes is located just northwest of the Loop 202 and SR 143 interchange, in one of the most central locations in the valley. The property provides residents with exceptional access to the valley’s major employment and entertainment hubs including Downtown Phoenix, North Tempe / ASU, South Scottsdale, Midtown Phoenix and Camelback Corridor.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Senior Director Mike Higgins, CEOs John Cunningham and Charles Steele and analyst Matt Prokop.
The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Mark Brandenburg, Managing Director Michael Cosby and Senior Managing Director Brad Miner.
JLL Capital Markets is a global full service provider of capital solutions for real estate investors and occupiers. The company’s in-depth knowledge of the local market and global investors provides the best solutions for clients, whether it is investment and sales advice, debt advice, equity advice or recapitalization. The company has more than 3,000 capital markets specialists around the world with offices in nearly 50 countries.