Source: Apartment Ventures
FLAGSTAFF, AZ - Apartment Ventures, NNC announced the recent acquisition of Village at Aspen Place, a 222-unit Class “A” mixed use luxury apartment. Built in 2015 and located within Aspen Place at the Sawmill, Flagstaff’s premier lifestyle center, the location features some of the finest shopping, restaurants, and service businesses in the city.
Apartment Ventures succeeded in purchasing this asset in a highly competitive field due to their 35 year plus history in investing in the Southwest, their proven underwriting metrics, and their extensive local market knowledge and deep regional relationships. Though many firms have moved into the Southwest market in recent years, Apartment Ventures has been investing in the area for over three decades, gaining knowledge newer firms to the market lack. These long-term and well-developed relationships played an integral part in Apartment Venture’s acquisition of the property.
The $64.5M transaction marks Apartment Ventures’ fourth Southwest institutional level acquisition in as many years, bringing their Southwest portfolio close to 1,000 units, representing near a quarter billion dollars of investment.
With this new acquisition, Apartment Ventures continues to do what they do best: make targeted, well researched investments in known markets, leading to successful long-term relationships that produce solid returns.
According to John Nunn, Principal at Apartment Ventures, NNC, “Our acquisition of this property was possible due to our reputation, our relationships, and our deep knowledge of the Southwest market. These aspects are all value adds for our investors and have helped us become a boutique firm that is able to compete with institutional-level investors. We are extremely proud of this most recent purchase—it continues to solidify our long-standing reputation in the region.”