May 24, 2016
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.