Palms Luxury Marks KB’s Sixth-Largest Multifamily Buy in Phoenix

A 306-unit class-A multifamily community, Green Leaf on Bell, was recently acquired by Southern California-based KB Development. The transaction marks the sixth-largest Phoenix multifamily project acquired by KB since it entered the local market in 2015. KB renamed the community Palms Luxury Apartments.

CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch represented the seller, Green Leaf Capital Partners.

“When we entered the Phoenix multifamily market in 2015 with the purchase of the 393-unit Stone Canyon Apartments, I could sense the fundamentals of the value upswing beginning to activate,” said Khosro Khaloghli, KB CEO and founder. “It’s gratifying to see the promise fulfilled with the impressive market conditions in place now and continuing to gain strength. We are preparing to get involved even more and have increased our acquisition budget to over $1 billion.”

Built in 2018 at 1100 Bell Rd., Green Leaf’s 306 units are circled around a pool and spa area featuring a fitness center and clubhouse with covered outdoor lounge. The adjacent 25-acre park adds walking paths and green space for resident use.

“The community’s amenities are the best in the competitive set, and the excellent quality of construction is reflected in the strong operational performance,” said Pesch. “Quality multifamily assets in Phoenix are drawing significant attention from investors.”