|
|
5/23/12
|
ViaWest Group has acquired 102 condominiums within the 204-unit, Class A Timberline Place Condominiums project in Flagstaff, AZ for $8.175 mil ($80k/unit). Steve Nicoluzakis and David Fogler of Cassidy/Turley BRE Commercial represented the seller in the deal.
Originally constructed in 2000 as the second phase of a rental apartment community, Timberline Place was converted to condominiums in 2006. The first phase, Timberline Village, built in 1997, was never converted and sold as a rental project for $128.5k per unit in 2008. Individual condo unit sales for Timberline Place commenced in 2006 and continued through 2010. The prior owner sold exactly half of the 204 units, which included one-, two-, and three- bedroom units, for an average sales price of $197k/unit.
“With very high barriers to entry and construction costs, and average home prices almost double that of Metro Phoenix, Flagstaff is consistently the strongest, tightest rental market in Arizona” noted Steven Schwarz, co-founder and principal of ViaWest Group.
“Northern Arizona University is growing rapidly and the housing market has begun to recover. We see both rental and condo ownership demand improving in Flagstaff over the foreseeable future,” added Gary Linhart, also a co-founder and principal at ViaWest. The company intends to initially focus on rental operations, and once the property has fully stabilized, they intend to explore restarting the condo sales process.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
