Cassidy Turley, a leading commercial real estate services provider in the U.S., announced the sale of the Timberline Village Apartments, a 168 unit Class “A” luxury apartment community built in 1997.
The property is located in Flagstaff, AZ, at 4255 East Soliere Avenue adjacent to the golf course at Continental Country Club. Clear Sky Summit at Flagstaff, LLC (Clear Sky Capital, Marcus Kurschat) purchased the property for $22,250,000 / $132,440 per unit, from the seller, Timberland Village I & II, LLC’s (Bassham Trust). Cassidy Turley Executive Managing Directors David Fogler and Steven Nicoluzakis negotiated the transaction on behalf of the buyer.
“This is the second multifamily purchase in Flagstaff for Clear Sky Capital this year,” Mr. Nicoluzakis said. “They recently purchased the adjacent Timberline Place and with this acquisition will add value through implementation of a capital improvement program to the common area amenities and by taking advantage of operational efficiencies.”