Cushman & Wakefield announced today the sale of The Lodge, a 252-unit luxury apartment community, located at 3601 South Lake Mary Road in Flagstaff, Ariz. Exchange Services, a qualified intermediary for SK5-ELA, LLC (Keller Investment Properties, LLC), purchased the property for $43.6 million.
Cushman & Wakefield Executive Managing Directors David Fogler and Steven Nicoluzakis of the Phoenix office represented the seller, Clear Sky Lodge LP (Clear Sky Capital of Phoenix and Narland Properties of Vancouver B.C.)
The Lodge, a beautiful Class A apartment community, features luxury apartment homes located on Lake Mary Road just south of the I-17/I-40 freeway interchange. The property provides easy access to shopping, dining, entertainment, employment and education with Northern Arizona and Coconino Community College within a two-mile radius.
“The buyer owns two other multifamily communities in Flagstaff and had been trying to acquire an additional property in the market for some time. They recognized The Lodge as one of the premier rental communities in Flagstaff and moved quickly once it became available,” said Fogler.
The property, built in 2004, sits on 13-acres and currently offers one-, two- and three-bedroom floor plans. The Lodge offers its residents a clubhouse, business center, fitness center, billiards lounge, spa with sundeck, picnic area with barbecues, children’s playground and covered parking. Garages and extra storage units are also available.