Wexford Developments and Wexford Real Estate Investors (WREI) are partners in announcing the closing of a new acquisition that brings more than 220 rental apartment units to Flagstaff.
The site, which consists of 13.6 acres of entitled land, is zoned for a mixed-use project comprised of 6,000 SF of retail space and 224 multifamily rental apartments and sits at the northeast corner of 4th Street and Butler Avenue in Flagstaff, just 3 miles from the campus of Northern Arizona University (NAU).
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Wexford Developments and WREI purchased the land, plans and current design from Caliber Companies for $4.4 million and closed on the deal Thursday.
Stewart + Reindersma Architecture (“SRA”) based out of Scottsdale, Arizona is the architectural firm for the project. Groundbreaking is expected to happen in the second quarter of 2022. The project will take approximately 23 months to build with delivery scheduled for early 2024.
The project is comprised of 4 separate 4-story apartment buildings of 56 units each. Altogether there will be 224 units (totaling 210,000 SF), of which 22 units will be designated for workforce housing. There will be 36 studio apartment units, 124 one-bedroom units, and 64 two-bedroom units.
As part of the project, there will also be 6,000-square-feet of dedicated retail space. The developers envision this space to be occupied by restaurant and / or coffee shop type users.
Other project amenities include a fitness center, amphitheater, and clubhouse with pool.
“Flagstaff is a beautiful place that is attracting a large influx of people who want to live there,” said Sam Gordon, co-founder and principal of Wexford Developments. “We look forward to creating a special community that fits with Flagstaff’s surrounding beauty while helping to meet the growing demand and need for more housing.”
“We look forward to bringing this project to life and delivering a first in class community to Flagstaff,” said Joseph Jacobs, President of WREI.
