November 18, 2015
Fort Valley Apartments sell for $3.65M
Bruce Hanley represented Clear Sky Capital Partners in the acquisition of the 44-unit Fort Valley Apartments in Flagstaff, AZ for $3,650,000. The seller was Fort Valley Apartments LLC. Fort Valley Apartments is a class “B” property built in 1966 with units averaging 1,002 SF/each. Located in close proximity to Northern Arizona University and Arizona Snowbowl ski resort. Flagstaff is a growing market with the presence of Northern Arizona University, a growing Baby-Boomer population, and limits on future land-development. Multifamily properties are at a premium in this market, with rents reaching as high as $3.25 per square foot.