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2/17/22
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Monument Ridge Apartments, a 201-unit multifamily community in Flagstaff, AZ, was acquired by San Francisco-based FPA Multifamily LLC in a $45.5 mil ($226k/unit) transaction. The asset was sold by Priderock Capital Management.
Monument Ridge Apartments was originally constructed in the mid 1980s. The property consists of a mix of one- and two-bedroom floor plans. On-site amenities include a BBQ/picnic area, fitness center, playground, basketball court, high-speed internet, and swimming pool.
Situated on just under 14 acres at 5205 E. Cortland Blvd, the property is positioned right off Historic Route 66 and I-40, providing convenient access to many nearby amenities and attractions, including Northern Arizona University, Flagstaff Mall, Downtown Flagstaff, Sedona, and Coconino National Forest.
Jim Crews and Jeems Lochridge with Cushman & Wakefield’s Southwest Multifamily Advisory Group in Phoenix represented the seller in the transaction.
“The Monument Ridge acquisition represented an outstanding “Value-Add” opportunity for the buyers,” noted Crews. “Flagstaff continues to be a dynamic, and growing Arizona city with highly desirable outdoor lifestyle characteristics. The Northern Arizona market also has significant barriers to entry for new residential development which bodes well for future rent growth.”
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