Flagstaff Community Trades for $46 Million
In a $45.5 million deal, FPA Multifamily SARL acquired Monument Ridge Apartments, a 201-unit community in Flagstaff, Arizona. Cushman & Wakefield represented the seller, Priderock Capital Managementwhich previously bought the property in 2018 for $32 million, according to Yardi Matrix data.
Built in 1984, the community spans 13.9 acres, comprising 15 buildings with one and two bedroom apartments, averaging 733 square feet. Facilities include a barbecue area, fitness center, playground, basketball court and swimming pool.
Located at 5205 E. Cortland Blvd., the transit-focused community is less than half a mile south of Interstate 44 and historic Route 66, connecting it to downtown Flagstaff, at Northern Arizona University and Flagstaff Pulliam Airport. The Flagstaff Mall, as well as several restaurants, are within 2 miles of the property.
Executive Managing Director Jim Crews and Managing Director Jeems Lochridge represented the seller. According to Crews, the acquisition represents a value-added investment opportunity for the FPA Multifamily. He added prepared remarks that Flagstaff is a vibrant city with desirable outdoor lifestyle features, and that northern Arizona’s high barriers to entry for residential development bode well for the future growth in multi-family rents in the area.
Earlier in February, Cushman & Wakefield represented FPA Multifamily in the sale of Arrive Fountain Hills, a 150-unit asset located in Fountain Hills, Arizona.