In a $45.5 million deal, FPA Multifamily LLC has acquired Monument Ridge Apartments, a 201-unit community in Flagstaff, Ariz. Cushman & Wakefield represented the seller, Priderock Capital Management, which previously purchased the property in 2018 for $32 million, Yardi Matrix data shows.
Built in 1984, the community spans across 13.9 acres and comprises 15 buildings with one- and two-bedroom apartments, averaging 733 square feet. Amenities include a BBQ area, fitness center, playground, basketball court and swimming pool.
Located at 5205 E. Cortland Blvd., the transit-oriented community is within one and a half miles south of Interstate 44 and Historic Route 66, connecting it to downtown Flagstaff, Northern Arizona University and Flagstaff Pulliam Airport. The Flagstaff Mall, alongside multiple dining options, are within 2 miles of the property.
Executive Managing Director Jim Crews and Managing Director Jeems Lochridge represented the seller. According to Crews, the acquisition represents a value-add investment opportunity for the FPA Multifamily. He added prepared remarks that Flagstaff is a dynamic city with desirable outdoor lifestyle characteristics, and that Northern Arizona’s high barriers to entry for residential development bode well for the area’s future multifamily rent growth.
Earlier in February, Cushman & Wakefield represented FPA Multifamily in the sale of Arrive Fountain Hills, a 150-unit asset located in Fountain Hills, Ariz.