"I've closed dozens of transactions with him. He's tried and true and had the money in the bank," Doug Fielding, a vice president at Marcus & Millichap in Phoenix, tells GlobeSt.com. David Sanchez of Bountiful purchased the 20-year-old development at 2401 N. West St. from Daniel Berman of Flagstaff in an off-market play.
With at least one apartment complex in Flagstaff already under his belt, Sanchez approached the seller with an offer, obtained acquisition financing and closed shortly thereafter, says Fielding.
Fielding characterizes the Flagstaff multifamily market as recovering following several soft years. In the coming months, the city's well-positioned and stabilized properties will start generating more investor interest, says the deal's sole broker.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
