Cassidy Turley, a leading commercial real estate services provider in the U.S., announced the sale of The Lodge Apartments, a 252 unit Class “A” luxury apartment community built in 2004 and located in Flagstaff, AZ. Clear Sky Lodge LP (Clear Sky Capital, Marcus Kurschat) purchased the multi-family property from The Lodge Luxury Apartments, LLC (Bassham Family Trust) for $31.85 million ($126,389/unit). Cassidy Turley Executive Managing Directors David Fogler and Steven Nicoluzakis negotiated the transaction.
The Lodge Apartments is the third Flagstaff multi-family property that Clear Sky has purchased in 2014. It purchased Timberline Place in January and Timberline Village in May. Mr. Fogler and Mr. Nicoluzakis negotiated both of the previous transactions.
”The Lodge is one of Flagstaff’s premier multi-family communities, and Clear Sky Capital is excited to add it to their portfolio,” Mr. Fogler said.
The Lodge Apartments is located at 3601 South Lake Mary Road, east of Interstate 17. The complex includes one, two and three bedroom units. The community includes a clubhouse with 24-hour fitness center, a billiards lounge, business center, shared barbeque area and children’s playground.