October 12, 2016
The joint venture of Clear Sky Capital of Phoenix and Narland Properties in Vancouver, BC sold its 252-unit apartment property, The Lodge, at 3601 S. Lake Mary Rd. in Flagstaff, AZ. Keller Investment Properties LLC, through its intermediary, acquired the multifamily asset for $43.6 million.
David Fogler and Steven Nicoluzakis of Cushman & Wakefield’s Phoenix office represented the seller, which operated under the name Clear Sky Lodge LP. The property, which delivered in 2004, is situated on 13 acres and offers one, two and three-bedroom units.
“The buyer owns two other multifamily communities in Flagstaff, and had been trying to acquire an additional property in the market for some time. They recognized The Lodge as one of the premier rental communities in Flagstaff, and moved quickly once it became available,” Fogler said.
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