Timberline Place Condominiums in Flagstaff Sells for $11.825 Million

Phoenix Buyer Purchases 102-units within 204 unit community

Published on January 24, 2014


 

PHOENIX – Cassidy Turley, a leading commercial real estate services provider in the U.S., sold 102 Class A units at the Timberline Place condominium community located in Flagstaff, Arizona. Clear Sky Timberline LP, an entity formed by Clear Sky Capital (Marcus Kurschat), a Phoenix based company purchased the property for $11,825,000 / $115,931 per unit. Executive Managing Directors David Fogler and Steven Nicoluzakis, with Cassidy Turley Arizona’s Multi-Family Investment Group, brokered the transaction. The seller was SWRE Deal IV, LLC, an entity formed by Phoenix based ViaWest Properties (Gary Linhart, Steven Schwarz).

The 102 units were a bulk purchase within the community that has a total of 204 units. Timberline Place was built in 2000 and originally marketed as rental apartments. The additional 102 condominium units within the complex are privately owned and were not part of the sale to Clear Sky Timberline LP.

"Timberline Place is one of Flagstaff’s premier rental communities and offered the buyer an attractive, stable yield given the current rental operation, with the potential for significant upside through condominium unit sales as that segment of the market continues to improve." according to Nicoluzakis.

Located at 4343 East Soliere Avenue, Timberline Place is just south of I-40 and Country Club Drive, adjacent to the Continental Country Club Golf Course, and is minutes from Downtown Flagstaff and Northern Arizona University. The complex includes fully appointed one, two and three bedroom floor plans. The community includes a heated pool and spa, outdoor fireplace and lounge area, indoor basketball court and sauna, and a clubhouse with a kitchen and media area.

About Cassidy Turley

Cassidy Turley is a leading commercial real estate services provider with more than 3,800 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 $22 billion in 2012, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 23,000 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 about Cassidy Turley.

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Jennifer Lowe
602. 468.8522

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