FLAGSTAFF—Clear Sky Lodge LP (Clear Sky Capital, Marcus Kurschat) purchased The Lodge Apartments, a 252-unit class A luxury apartment community built in 2004 from The Lodge Luxury Apartments, LLC (Bassham Family Trust) for $31.8 million ($126,389/unit). Cassidy Turley executive managing directors David Fogler and Steven Nicoluzakis negotiated the transaction.
The Lodge Apartments is the third Flagstaff multi-family property that Clear Sky has purchased in 2014. It purchased Timberline Place in January and Timberline Village in May. Fogler and. Nicoluzakis negotiated both of the previous transactions. Clear Sky also purchased a multifamily property in Prescott this year.
”The Lodge is clearly one of Flagstaff's premier multi-family communities, and Clear Sky Capital is excited to add it to their portfolio,” Fogler tells GlobeSt.com. “It's a great location—close to NAU, lots of trees, big floor plans. Flagstaff doesn't see a lot of large trades, so this is unique situation for the buyer.”
The Lodge Apartments is located at 3601 South Lake Mary Road, east of Interstate 17. The complex includes one, two and three bedroom units. The community includes a clubhouse with 24-hour fitness center, a billiards lounge, business center, shared barbeque area and children's playground.
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