IPA, a leading institutional property advisor, recently announced the successful sale and financing of Ponderosa Park in Flagstaff, Arizona. The 120-unit apartment complex was sold for $28.05 million at a rate of $233,750 per unit. Represented by Steve Gebing, Cliff David and Hamid Panahi from IPA’s team of experts, Keller Investment Properties sold the asset to Bridge Partners.
The acquisition financing for this transaction was secured by Brian Eisendrath,Cameron Chalfant,Jesse Zarouk,Jake Vitta,and Tyler Johnson from IPA Capital Markets specialists.
According to Gebing,”Ponderosa Park is an exceptional multifamily property with great potential for value-add opportunities due to its prime location in Northern Arizona where development is limited by the rugged terrain.”
Located near Buffalo Park and close to Historic U.S Route 66 as well as Interstate 40,the property boasts convenient access to major employers such as Northern Arizona University ,Flagstaff Medical Center,and W.L Gore & Associates . Built on five acres in 1985,Ponderosa Park offers residents top-notch amenities including two laundry facilities,a clubhouse,a fitness center,and round-the-clock emergency maintenance services.
This latest news comes courtesy of Connect CRE .
