GLENDALE, ARIZ. — A joint venture between by the Bascom Group and funds managed by Oaktree Capital Management has acquired the 408-unit Indigo Creek Apartments in Glendale for $40.5 million. The community is located at 14221 N. 51st Ave.
Indigo Creek was built in 1998. Community amenities include three resort-style swimming pools, two spas, a 24-hour fitness center, common-area Wi-Fi, barbecue grills and detached garages.
Steve Gebing and Cliff David from Marcus & Millichap represented both the buyer and unnamed seller in this transaction. Property management will be handled by Morrison, Ekre & Bart Management Services.
The JV acquired the asset through Bascom Arizona Ventures LLC, an affiliate of the Bascom Group. Indigo Creek was acquired with a $35-million loan from Mesa West Capital. The JV plans to recapitalize the property.