Arizona BFR Changes Hands for $75M
St. Clair Holdings sold the 155-unit recently completed community.
St. Clair Holdings has sold The Overlook at Buffalo Park, a 155-unit built-for-rent property in Flagstaff, Ariz., for $75 million. The buyer is Logan Capital Advisors and the deal marked the company’s third BFR acquisition in Arizona since February 2021. Berkadia worked on behalf of the seller.
The property last traded in 2021, not long after full completion completion, when St. Clair Holdings acquired it from Cavan Cos., a deal that was funded by a $37.6 million loan provided by Prime Finance Partners, according to Yardi Matrix.
The Overlook at Buffalo Park is located at 1651 N. Gemini Drive and comprises 49 buildings situated on 15 acres. The property encompasses one-, two- and three-bedroom single-story rental homes, ranging between 731 and 1,280 square feet. The units offer front porches, stainless steel appliances, vaulted ceilings, as well as washers and dryers. Common-area amenities include a clubhouse, a fitness center and two pet parks.
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The community is situated near Flagstaff Medical Center and Buffalo Park, 1.4 miles from downtown Flagstaff, 1.9 miles from Northern Arizona University and 7.5 miles from Flagstaff Pulliam Airport.
Senior Managing Directors Mark Forrester and Ric Holway, Managing Director Dan Cheyne and Director Andrew Curtis of Berkadia’s Phoenix office closed the deal on behalf of St. Clair Holdings.
Developing built-for-rent communities continues to gain ground. Berkadia also recently facilitated equity for The Cottages at Greystone, a development that started construction in May. Hines also entered the sector at the beginning of this year, with an Arizona project, Enclave Point in Surprise.