Search
 

200-Unit Complex Delivers $14M

FLAGSTAFF, AZ-The Woodcrest, one of the few class B complexes to come on the market in the city, sells to a Southern California investor for $14.3 million after a seven-month wait while the buyer wrestles to assume a conduit loan.

By Jennifer D. Duell | Updated on March 30, 2005

FLAGSTAFF, AZ-After being held up seven months because of a loan assumption, a family partnership from San Diego has re-entered the market with the $14.3-million buy of the Woodcrest. The 200-unit multifamily asset is one of the few class B assets to come on the market in the city.

Woodcrest I LLC and Woodcrest II LLC acquired the 95%-leased complex at 800 Forest Meadows St. from Beverly Hills, CA-based Flagstaff Village Apartment Ltd., a family partnership that developed Woodcrest in 1991. The buyer assumed a $9.1-million conduit loan to close the sale. The loan, bearing a fixed-rate interest rate of 6%, is due in August 2012.

Chuck LaBenz, a partner with Phoenix-based Hendricks & Partners, says the class B-plus Woodcrest is one of the nicest assets in the city. “We had a lot of interest because nothing in Flagstaff has changed hands for many years,” LaBenz tells GlobeSt.com, adding Woodcrest received five offers before going under contract to the San Diego buyers. “Prices for housing in Flagstaff have skyrocketed and good multifamily housing is in demand.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.