Phoenix – A company formed by transplanted Canadian investor Bill Comrie of Newport Coast, Calif. paid $40 million ($92,593 per unit) to buy the 432-unit Indigo Palms apartments at 3777 E. McDowell Road in Phoenix. The seller was MIC IP II, a company formed by Mercury Investments Co. in Duluth, Mn. (Abbot Apter, principal). The sale was brokered through Howard Berger of Berger Investment Group Inc. in Phoenix. The escrow was handled through Tara Lavoie of Stewart Title & Trust in Phoenix. Incom Apartments LLC (Comrie’s company) acquired Indigo Palms with a $28 million loan from Deutsche Bank subsidiary German American Capital Corp. in New York City, N.Y. The purchase of Indigo Palms is believed to be the first multi-family investment in the Valley for Comrie, who earned hundreds of millions of dollars in the furniture business in Canada. Continue reading
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