Timberline Place in Flagstaff Sells for $11.825M
Cassidy Turley sold 102 Class-A units at the Timberline Place condominium community located in Flagstaff. Clear Sky Timberline LP, an entity formed by Clear Sky Capital (Marcus Kurschat), a Phoenix based company purchased the property for $11.825M ($115,931 per unit). Executive Managing Directors David Fogler and Steven Nicoluzakis, with Cassidy Turley Arizona’s Multi-Family Investment Group, brokered the transaction. The seller was SWRE Deal IV, LLC, an entity formed by Phoenix based ViaWest Properties (Gary Linhart, Steven Schwarz).
The 102 units were a bulk purchase within the community that has a total of 204 units. Timberline Place was built in 2000 and originally marketed as rental apartments. The additional 102 condominium units within the complex are privately owned and were not part of the sale to Clear Sky Timberline LP.
“Timberline Place is one of Flagstaff’s premier rental communities and offered the buyer an attractive, stable yield given the current rental operation, with the potential for significant upside through condominium unit sales as that segment of the market continues to improve.” according to Nicoluzakis.
Located at 4343 East Soliere Avenue, Timberline Place is just south of I-40 and Country Club Drive, adjacent to the Continental Country Club Golf Course, and is minutes from Downtown Flagstaff and Northern Arizona University. The complex includes fully appointed one, two and three bedroom floor plans. The community includes a heated pool and spa, outdoor fireplace and lounge area, indoor basketball court and sauna, and a clubhouse with a kitchen and media area.