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Flagstaff Apartments Net $2M

FLAGSTAFF, AZ-A Utah buyer purchases the Pineview Village Condominiums for $1.6 million, eyeing a long-term investment on a 20-year-old development. With only two units vacant at closing, the complex is poised to continue generating steady income.

By Lee Simmons | Updated on July 02, 2004

FLAGSTAFF, AZ-A Utah buyer has closed on the 24-unit Pineview Village Condominiums in Flagstaff for $1.6 million. While the local multifamily market has lagged in recent years, the complex’s two vacancies at closing plus the buyer’s reputation bode well for future performance.

“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.

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