PHOENIX –Cushman & Wakefield of Arizona, Inc. has negotiated the $17.1 million sale of Country Club Estates in Flagstaff, Ariz.
The property, located at 5205 E. Courtland Blvd. and built in 1984, contains 201 units and was 95 percent occupied at the time of the sale. Jackson Square Properties of San Francisco, Calif., sold the property to Virtu Investments of Larkspur, Calif. The sale price brought $85,075 per unit, which equates to $115.96 per square foot.
“This property represents an outstanding value-add opportunity for the buyer by rehabbing the units and taking advantage of Flagstaff's under-supply of multi-family housing,” said Jim Crews.
Crews and Brett Polachek of Cushman & Wakefield represented the seller in the transaction.
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