Strong Growth in Flagstaff Attracts Capital

Flagstaff, Arizona, is experiencing a growth spurt. FPA Multifamily has acquired the 132-unit Pinecliff Village Apartments in Flagstaff for $21.4 million from Sanchez Brothers LLC, an entity formed by David and Augustus Sanchez, of Utah, was the seller. The acquisition brings the company’s portfolio to 118,000 units.

The property is located at 1105 East Ponderosa Parkway, and features one and two bedroom apartments, along with private balconies and patios, a dog park and direct access to parks and trails.

The NorthMarq Phoenix investment sales team of Trevor Koskovich, Bill Hahn and Jesse Hudson represented both the seller and the buyer in this transaction.