Berkadia Completes $75 Million Sale of Built-For-Rent Single Family Community in Flagstaff, Arizona
PHOENIX – July 13, 2022 – Berkadia announced today the sale of The Overlook at Buffalo Park, a 155-unit built-for-rent (BFR) multifamily housing property located in Flagstaff, Arizona. Senior Managing Directors Mark Forrester and Ric Holway, Managing Director Dan Cheyne and Director Andrew Curtis of Berkadia Phoenix Investment Sales completed the $75 million sale on behalf of the seller, Georgia-based St. Clair Holdings. The buyer was San Diego-based Logan Capital Advisors, and the deal closed on July 7, 2022.
“The Overlook at Buffalo Park commands a dominant site positioning in Flagstaff, one of the strongest multifamily and single-family markets in the western United States,” said Forrester. “Moreover, this asset is the only open BFR community in the Flagstaff Metro Area.”
This was Logan Capital Advisors third BFR purchase in Arizona since February 2021. According to Ruben Islas, LCA Founding Partner, “The Overlook is a great addition to our growing Arizona portfolio. The low-density single-story design, high quality interior finishes, and superior location next to Buffalo Park appeal to the lifestyle renter in Flagstaff. We thank the St. Clair Holdings team for maintaining strong property operations throughout the closing process.”
Located at 1651 N. Gemini Drive and fully constructed in 2021, The Overlook at Buffalo Park features one-, two- and three-bedroom “cottage style” single story rental homes featuring largely detached floor plans with vaulted ceilings, front porches and stainless-steel appliances including full size washers and dryers. Offering breathtaking views of the San Francisco Peaks, community amenities include a clubhouse with porch seating, two pet parks, a dog washing station, fire pits and a fitness center within a low-density master plan development. Residents enjoy easy access to all of the attractions and multifamily demand generators of Flagstaff and neighboring northern Arizona venues including but not limited to Flagstaff Medical Center, Northern Arizona University, Buffalo Park, Flagstaff’s Regional Trail System and the numerous restaurants and services in downtown Flagstaff.