JLL Capital Markets announced that it has closed the sale of and arranged acquisition financing for Oxford Apartment Homes, a 432-unit, low-density garden-style multihousing community in Phoenix, Arizona.
JLL marketed the property on behalf of the seller, Knightvest Capital, and procured the buyer, S2 Capital Partners. Additionally, working on behalf of the new owner, JLL secured the floating-rate loan with Blackstone Mortgage Trust, Inc.
Oxford Apartment Homes comprises one-, two- and three-bedroom units averaging 888 square feet. The seller implemented two separate renovation scopes to the property with 182 units being fully renovated and 74 units partially renovated. Common area renovations included upgraded clubhouse, fitness facility and pool, new package lockers, lighting enhancements and new signage.
Located at 3777 East McDowell Rd., Oxford Apartment Homes is situated just northwest of the Loop 202 and SR 143 interchange, in one of the Valley’s most central locations. The property offers residents exceptional access to the Valley’s major employment hubs and entertainment amenities 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, Managing Directors 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 Director Brad Miner.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.