Cushman & Wakefield represented Clear Sky Timberline LP, an entity formed by Phoenix-based Clear Sky Capital (Marcus Kurschat – Principal) in the bulk sale of 102 units within Timberline Place Condominiums. Timberline Place Apartments, LLC, a partnership formed by Phoenix based Edgehill Investments (Ryan Francisco, Anthony Francisco – Principals) and The Tanbic Company (Tanner Bickelhaupt – Principal) purchased the Flagstaff, Ariz. property for $18.575 million, $182,107 per unit.
Executive Managing Directors Steven Nicoluzakis and David Fogler of Cushman & Wakefield Phoenix represented the seller in the transaction.
Timberline Place Condominiums is located at 4343 East Soliere Avenue in Flagstaff. It is a Class A community with a total of 204 units, built in 2000. The community offers one, two, and three bedroom floor plan options averaging more than 1,026 square feet. Unit interiors include full-size washer/dryer, nine-foot ceilings, private balcony/patios, gas fireplaces, alarm system and spacious closets. The property’s common area amenities includes a heated pool and spa, outdoor fireplace and lounge, clubhouse, fitness center, yoga studio, full size indoor basketball court, sauna and golf course views.
“Timberline Place is a best-in-class asset located in Flagstaff, which has been one of the stronger performing rental housing markets in Arizona this cycle. This quality property will provide the Buyer a long term, high yielding, and stable investment,” said Nicoluzakis.