The new Commons at Sawmill apartment owners plan to add value to the complex (Photo courtesy of Colliers International)
Colliers negotiates 194-unit Flagstaff apartment sale
Colliers International in Greater Phoenix negotiated the sale of The Commons at Sawmill. The 194-unit asset is located at 901 S. O’Leary St. in Flagstaff, Ariz.
The Commons at Sawmill is located within walking distance of Northern Arizona University (NAU) in the heart of Flagstaff. The property services are privately owned student housing community.
Senior Executive Vice President Cindy Cooke and Senior Vice President Brad Cooke with Colliers’ Phoenix office were the lead brokers for Commons at Sawmill. They utilized Colliers International’s Global platform and partnered with Dorothy Jackman and Travis Prince, both managing directors with Colliers’ Student Housing Services based in Tampa, Florida.
The seller was Bascom Arizona Ventures, LLC, of Scottsdale, a company formed by California-basedThe Bascom Group of Irvine, Calif. The buyer was California-based Nelson Brothers Professional Real Estate, LLC who specializes in student housing. They plan on adding value through additional renovations including building a new clubhouse.
“Commons at Sawmill is consistently 100 percent occupied with a waiting list – due to its superior location adjacent to the NAU main campus and NAU’s new state-of-the-art athletic recreational complex. Increasing its desirability is the short walking distance to downtown Flagstaff where dining, entertainment and a great nightlife also attract residents. Students love this location and the property,” said Cindy Cooke.
Built in 1992, The Commons at Sawmill is a 157,920-square-foot garden-style complex with 14, three-story residential buildings situated on approximately 6.70 acres. The unit mix consists of 52 studio, 86 two-bedroom and 56 three-bedroom apartments ranging from 405 to 1,200 square feet. Apartment features include new black appliances, washers and dryers, updated cabinetry doors and hardware, upgraded contemporary lighting and dual-pane windows. Select units have upgraded flooring in the kitchens and baths.
“This is a tremendous opportunity and we are very pleased with our newest acquisition” said Blake Wettengel, vice president and general counsel for Nelson Brothers. “This is a market we’ve been eyeing for some time and we were excited to take the opportunity to purchase this asset as soon as it became available. Cindy and her team were a pleasure to work with. Nelson Brothers prides itself on finding the best located student housing projects in the country, and this is certainly no exception.”
Commons at Sawmill is in a great position to take advantage of NAU’s expansion plans with an expected enrollment of graduate and undergraduate students to approximately 35,000 by 2025 along with the population growth and the high cost of housing in Flagstaff.