JLL Capital Markets has facilitated a $49.5 million construction loan for Flagstaff Elkwood, a 224-unit multifamily development in Flagstaff, Ariz. The project is developed by Canada-based Wexford Developments and is expected to be completed in 2024.
Flagstaff Elkwood will be composed of four separate four-story buildings with 56 units each and another 6,000-square-foot retail building. The project, designed by Stewart + Reindersma, will feature studio, one- and two-bedroom floorplans with an average size of 938 square feet. The units will be equipped with quartz countertops, stainless steel appliances and washers and dryers. Amenities will include a 4,000-square-foot leasing office, clubhouse with lounge space, fitness center, swimming pool, spa center, storage space and amphitheater.
The property will be built on a 13.5-acre site at the intersection of North Fourth Street and East Butler Avenue, close to Interstate 40 and less than 3 miles from downtown Flagstaff and Northern Arizona University. Flagstaff Pulliam Airport is roughly 7 miles away and several retail and dining options are also nearby.
JLL Capital Markets Senior Managing Directors Brad Miner and Eric Tupler represented Wexford, the borrower. Flagstaff is a residential submarket with a limited supply of market rate properties, despite the area’s high occupancy, Brad Miner said in a prepared statement.
Recently, a JLL Capital Markets team secured $28.4 million in financing for Epic Investment Services’ acquisition of a 150-unit garden-style multifamily property in Tempe, Ariz.