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January 24, 2019
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Investment Entity Pays $18.5 Mil for Half the Units at Flagstaff, AZ Condo Project


Timberline Place Apartments LLC, a partnership between Phoenix-based Edgehill Investments (Ryan Francisco, Anthony Francisco – Principals) and The Tanbic Company (Tanner Bickelhaupt – Principal) purchased 102 units within Timberline Place Condominiums in Flagstaff, AZ. The assets, sold by Clear Sky Timberline LP, an entity formed by Phoenix-based Clear Sky Capital (Marcus Kurschat - Principal), sold for $18.575 mil, or $182k per unit.

Timberline Place Condominiums is located at 4343 East Soliere Ave in Flagstaff. Built in 2000, the Class A community has a total of 204 units. The community offers one-, two- and three-bedroom floor plan options averaging more than 1k sf in size.

Unit interiors include full-size washer/dryer, nine-foot ceilings, private balcony/patios, gas fireplaces, alarm system and spacious closets. The property’s common area amenities includes a heated pool and spa, outdoor fireplace and lounge, clubhouse, fitness center, yoga studio, full size indoor basketball court, sauna and golf course views.

Steven Nicoluzakis and David Fogler of Cushman & Wakefield Phoenix represented the seller in the transaction.

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