Flagstaff Rental Property Trades for $28M

Institutional Property Advisors (IPA) announced the sale and financing of Ponderosa Park, a 120-unit apartment property in Flagstaff, Arizona. The asset sold for $28.05 million, or $233,750 per unit. Steve Gebing, Cliff David, and Hamid Panahi represented the seller, Keller Investment Properties, and procured the buyer, Bridge Partners. IPA Capital Markets specialists Brian Eisendrath, Cameron Chalfant, Jesse Zarouk, Jake Vitta, and Tyler Johnson secured acquisition financing.

“Ponderosa Park is a boutique, value-add multifamily asset positioned to benefit from the high barriers to development imposed by Northern Arizona’s mountainous terrain,” said IPA’s Gebing.

The property is across the street from Buffalo Park, close to Historic U.S. Route 66 and Interstate 40. Major employers in Flagstaff include Northern Arizona University, Flagstaff Medical Center, and W.L. Gore & Associates. Built in 1985 on five acres, Ponderosa Park provides residents with two laundry facilities, a clubhouse, fitness center, and 24-hour emergency maintenance services.