News
The $100k Room
June 5, 2014
Clear Sky Capital bought The Lodge Apartments, a 252-unit Class-A luxury complex in Flagstaff for $31.8M, or more than $126k/unit. This is the third Flagstaff apartment property purchased by Clear Sky, including Timberline Place and Timberline Village earlier this year. And for good reason. Flagstaff is a tight rental market with vacancies below 5%, “and it tends to be more stable,” says Cassidy Turley's David Fogler, who brokered the deal along with Steven Nicoluzakis. David says the Arizona market is being flooded with capital looking to buy multifamily because Phoenix is only a couple of years into its recovery. Hence, buyers see the market as having more headway upwards.
