PHOENIX, ARIZONA (October 2, 2019) – The 132-unit Pinecliff Village Apartments, a multifamily housing community located at 1105 East Ponderosa Parkway, sold this month for $21,350,000.
The NorthMarq Phoenix investment sales team of Trevor Koskovich, Bill Hahn and Jesse Hudson represented both the seller and the buyer in this transaction.
The buyer was FPA Multifamily, LLC, headquartered in Irvine, California. FPA Multifamily’s transactional history includes approximately 590 buildings in excess of 118,000 units for over $13.6 billion.
“Flagstaff was an attractive investment market as it is mature and stable, with predictable performance, rather than a growth market that is subject to highs and lows,” said Hahn. “Pinecliff Village has a classic interior value-add story, with recent capital invested into major property systems, the buyer can focus on revenue-enhancing improvements.”
Sanchez Brothers LLC, an entity formed by David and Augustus Sanchez, of Utah, was the seller.
Built in 1972, the apartment community features one and two bedroom apartments, along with a private balconies and patios, a dog park and direct access to parks and trails. The immediate neighborhood surrounding the property is a mixture of working-class multifamily and single-family homes catering to a professional profile. Northern Arizona University and Downtown Flagstaff are both within minutes of Pinecliff Village.