Bridge Partners Buys 120-Unit Arizona Asset

Bridge Partners has purchased Ponderosa Park, a 120-unit asset in Flagstaff, Ariz. Keller Investment Properties sold the community for $28.1 million, with the help of a $19.9 million Fannie Mae loan originated by Manufacturers and Traders Trust Co., according to Yardi Matrix data. Institutional Property Advisors represented the seller, procured the buyer and arranged the financing.  

Located at 1201 E. Ponderosa Parkway, the property dates back to 1985. Ponderosa Park sits on a 5-acre site just off Historic US Route 66 and Interstate 40. The community is less than 2 miles from Buffalo Park and within a 4-mile radius of Riordan Mansion State Historic Park, Fort Valley Shopping Center and Flagstaff Medical Center. 

The property offers one- and two-bedrooms layouts. Amenities include two laundry facilities, a clubhouse, a fitness center and a grade-level parking with 130 spots.  

IPA’s Executive Managing Directors Steve Gebing and Cliff David, along with Senior Vice President Hamid Panahi, represented the seller and procured the buyer. The company’s Capital Markets team securing acquisition financing included Executive Managing Director Brian Eisendrath, Senior Managing Director Cameron Chalfant, as well as Managing Directors Jesse Zarouk, Jake Vitta and Tyler Johnson. 

In a similar deal in July, IPA also brokered a Phoenix-area purchase for Salt Lake City-based Bridge Investment Group. Located in Glendale, Ariz., the recently completed 296-unit asset sold for $76.5 million.