|
|
6/06/18
|
Phoenix-based Kinsey Ridge Apartments LLC, an entity formed by Edgehill Investments LLC, purchased Kinsey Ridge, a 44-unit, multifamily community in Flagstaff, AZ, for $7.175 mil ($163k/unit). The asset, located at 1718 N Fort Valley Rd, just north of Flagstaff’s historic downtown, is viewed as a value-add opportunity.
Built in 1966, Kinsey Ridge features a mix of large one-, two- and three-bedroom floorplans, with a number of the floorplans being large townhome style units including garages. The community’s location provides easy access to Northern Arizona University, Flagstaff Medical Center and the Arizona Snow Bowl ski resort.
Steven Nicoluzakis and David Fogler of Cushman & Wakefield represented the seller, Phoenix-based Clear Sky Capital Partners IV LLC, an entity of Clear Sky Capital. The deal marks the second acquisition in the Flagstaff market for Edgehill this year.
According to Cushman & Wakefield research, apartment rents in the Flagstaff metro area increased 2.9% year-over-year as of the first quarter of 2018. There are 920 units currently underway, representing a 16% expansion of the existing inventory and over the last three years, 380 units have delivered, or a cumulative inventory expansion of 7.1%.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
