Table Rock, a 100-unit multifamily community in Flagstaff, was recently sold by Aultas for $25.9 million to Investors Capital Group at a rate of $259,000 per unit. The transaction was facilitated by Institutional Property Advisors (IPA) brokers Steve Gebing and Cliff David who represented the seller and found the buyer.
According to IPA’s Steve Gebing, Arizona’s scenic high country with its mountainous terrain and focus on water conservation has limited housing growth which has created an imbalance between supply and demand in the market. This makes Flagstaff’s high-demand multifamily housing market an ideal opportunity for Table Rock’s new owner to add value through interior renovations.
The property is conveniently located at the intersection of Interstate 17 and Interstate 40 near Northern Arizona University, Flagstaff Medical Center, and W.L. Gore.
Built in 1998 as a garden-style community with amenities such as a clubhouse and fitness center, Table Rock offers two- or three-bedroom floor plans averaging around 1
