May 24, 2016 Comments Off on Red Rock Completes $58.75M MF Acquisition Views: 359 California, California News, San Diego, West

Red Rock Completes $58.75M MF Acquisition

Carlsbad, CA-based Red Rock Investment Management (RRIM) acquired two multifamily assets totaling 419 units in Flagstaff, AZ for a combined $58.75 million. The off-market acquisition was completed directly with an unnamed seller and no broker involvement.

The assets include the Ridge at Clear Creek Apartments, a 306-unit property acquired for $43.8 million, and Clear Creek Village, a 113-unit mixed-use property that was acquired for $14.9 million. The acquisition was completed with private equity investments from individuals close to RRIM.

Both assets are immediately adjacent to the 740-acre Northern Arizona University. RRIM’s current holdings in the Flagstaff market include the 100-unit Table Rock Apartments, acquired in 2015.

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