KB Investment Development was the buyer of the 280-unit project, known as the Green Leaf Arts District. The 2017-completed project sits in proximity to historic Phoenix neighborhoods adjacent to the metro Light Rail system.

Units average 860-square feet and include a number of the most popular amenities. It’s near a number of art galleries and restaurants.

KB’s founder Khosro Khaloghli, based in Irvine California, is pleased the property came on the market, “This top-tier project exemplfies what Phoenix residents are seeking now—the relaxing embrace of a resort surrounded within arm’s reach by every kind of cultural and entertainment option.”

Khaloghli added that he has fortified his investment fund to $1 billion and is actively seeking more opportunities. CBRE facilitated the sale.