Arizona Mixed-Use Multifamily Trades for $64M

Article originally posted on Globe St. on March 19, 2021

An entity formed by California-based NNC Apartment Ventures LLC has acquired a 222-unit, mixed-use, luxury multifamily community in Flagstaff, AZ for $64.5 million.

The property was sold by an entity formed by the Missouri-based VanTrust Real Estate LLC.
Located at 601 E. Piccadilly Dr., the asset, Village at Aspen Place, features ground-floor retail, an attached parking garage, elevator service and a mix of studio, one-bedroom and two-bedroom floorplans.

Village at Aspen Place was completed in 2015.

Brokering the sale and representing the seller was David Fogler and Steven Nicoluzakis of Cushman & Wakefield’s multifamily advisory group in Phoenix.

“The buyer was attracted by the opportunity to acquire one of the finest apartment communities in the Flagstaff submarket,” says Fogler. “Village at Aspen Place’s unit interiors feature high quality finishes while its amenities are best in class. Additionally, the surrounding property features some of the finest shopping, restaurants and service businesses Flagstaff has to offer.”