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Investors Capital Pays $259K/Unit for Flagstaff Apartments
Aultas sold Table Rock, a 100-unit multifamily community in Flagstaff, for $25.9 million or $259,000 a unit. The buyer was Investors Capital Group. Institutional Property Advisors (IPA) Steve Gebing and Cliff David represented the seller and found the buyer.
“The mountainous terrain and water conservation strategies in Arizona’s picturesque high country have severely limited housing growth and preserved the market’s historical supply and demand imbalance,” said IPA’s Steve Gebing. “The high-demand multifamily housing market in Flagstaff gives Table Rock’s new owner a great opportunity to add value through programmatic unit interior renovations.”
The property is located at the intersection of Interstate 17 and Interstate 40, immediately east of Interstate 17 and Lake Mary Road off-ramp. Northern Arizona University, Flagstaff Medical Center, and W.L. Gore are nearby.
Completed in 1998, Table Rock is a garden-style community with a clubhouse, and fitness center. The property’s two- and three-bedroom floor plans average 1,032 square feet.
- ◦Sale/Acquisition
