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3/10/21
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In a very newsworthy AZ multifamily trade, an entity formed by OC-based NNC Apartment Ventures LLC acquired Village at Aspen Place, a 222-unit, Class A res property in Flagstaff for $64.5 mil ($290.5k/unit). The mixed-use luxury apartment community is located within Aspen Place at the Sawmill, a premier lifestyle center.
Village at Aspen Place was completed in 2015 and features a mix of studio, one-bedroom and two-bedroom floor plans. The community features ground floor retail, an attached parking garage and has elevator service to each floor.
The property’s abundance of high-end amenities include a resident clubhouse, kitchen and coffee lounge, fitness center and yoga room, swimming pool and spa, gourmet barbecue grills, fire pit with outdoor seating, bike/ski repair shop, stand-up tanning bed, pet washing station, package concierge lockers, and more. Located at 601 East Piccadilly Dr, Village at Aspen Place is near local shopping, dining and entertainment venues as well as Flagstaff’s historic downtown area and Northern Arizona University.
An entity formed by Orange County, California-based NNC Apartment Ventures, LLC acquired the Village at Aspen Place community for $64.5 million. The seller was an entity formed by Kansas City, Missouri-based VanTrust Real Estate, LLC.
David Fogler and Steven Nicoluzakis with Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller, an entity formed by Kansas City, MIi-based VanTrust Real Estate LLC.
“The buyer was attracted by the opportunity to acquire one of the finest apartment communities in the Flagstaff submarket,” said Fogler. “Village at Aspen Place’s unit interiors feature high quality finishes while its amenities are ‘best in class.’ Additionally, surrounding the property, Aspen Place at the Sawmill features some of the finest shopping, restaurants and service businesses Flagstaff has to offer.”
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