Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale and financing of Ponderosa Park Apartments, a 120-unit apartment property in Flagstaff, Arizona. The asset sold for $28.05 million, or $233,750 per unit.
“Ponderosa Park is a boutique, value-add multifamily asset positioned to benefit from the high barriers to development imposed by Northern Arizona’s mountainous terrain,” said Steve Gebing, IPA executive managing director. “Multifamily investors are attracted to Flagstaff due to its diversified economy and favorable supply vs. demand imbalance that contributes to a stable renter base.”
Gebing and IPA’s Cliff David and Hamid Panahi represented the seller, Keller Investment Properties, and procured the buyer, Bridge Partners. IPA Capital Markets specialists Brian Eisendrath, Cameron Chalfant, Jesse Zarouk, Jake Vitta, and Tyler Johnson secured acquisition financing.
“We are pleased to have successfully closed the acquisition financing for Bridge Partners as they expand their current portfolio into Arizona,” said Johnson. “This closing exemplifies how the agencies are willing to compete for business from strong, repeat sponsors, enabling our team to deliver the ideal solution that matches the client’s investment objectives.”
The property is across the street from Buffalo Park, close to Historic U.S. Route 66 and Interstate 40. Riordan Mansion State Historic Park, Flagstaff Ranch golf club, and Fort Valley Shopping Center are nearby. Major employers in Flagstaff include Northern Arizona University, Flagstaff Medical Center, and W.L. Gore & Associates.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
Institutional Property Advisors (IPA) is a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
