PHOENIX – Cassidy Turley, a leading commercial real estate services provider in the U.S., announced the sale of the Timberline Village Apartments, a 168 unit Class “A” luxury apartment community built in 1997.
The property is located in Flagstaff, AZ, at 4255 East Soliere Avenue adjacent to the golf course at Continental Country Club. Clear Sky Summit at Flagstaff, LLC (Clear Sky Capital, Marcus Kurschat) purchased the property for $22,250,000 / $132,440 per unit, from the seller, Timberland Village I & II, LLC’s (Bassham Trust). Cassidy Turley Executive Managing Directors David Fogler and Steven Nicoluzakis negotiated the transaction on behalf of the buyer.
“This is the second multifamily purchase in Flagstaff for Clear Sky Capital this year,” Mr. Nicoluzakis said. “They recently purchased the adjacent Timberline Place and with this acquisition will add value through implementation of a capital improvement program to the common area amenities and by taking advantage of operational efficiencies.”
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 4,000 professionals in more than 60 offices nationwide. With headquarters in Washington, DC, the company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $25.8 billion in 2013, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 24,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information.