AZRE Magazine
The property (shown), located at 5205 E. Courtland Blvd. and built in 1984, contains 201 units and was 95% occupied at the time of the sale. Jackson Square Properties of San Francisco sold the property to Virtu Investments of Larkspur, Calif. The sale price brought $85,075 per unit, which equates to $115.96 per square foot.
“This property represents an outstanding value-add opportunity for the buyer by rehabbing the units and taking advantage of Flagstaff’s under-supply of multi-family housing,” said Jim Crews.
Crews and Brett Polachek of Cushman & Wakefield represented the seller in the transaction.
