Cushman & Wakefield Negotiates Sale of Kinsey Ridge

PHOENIX, Arizona – Cushman & Wakefield completed the sale of Kinsey Ridge, located at 1718 N. Fort Valley Road in Flagstaff, Ariz. Phoenix-based Kinsey Ridge Apartments LLC, an entity formed by Edgehill Investments LLC (Ryan Francisco, Anthony Francisco) purchased the property from Phoenix-based Clear Sky Capital Partners IV LLC, an entity of Clear Sky Capital (Marcus Kurschat), for $7.175 million / $163,068 per unit.

Executive Managing Directors Steven Nicoluzakis and David Fogler of Cushman & Wakefield represented the seller.

Kinsey Ridge is a value-add, 44-unit apartment community built in 1966, located just north of Flagstaff’s historic downtown. The property features a mix of large one-, two- and three-bedroom floorplans, with a number of the floorplans being large townhome style units including garages. The community’s location provides easy access to Northern Arizona University, Flagstaff Medical Center and the Arizona Snow Bowl ski resort.

“This is the second acquisition in the Flagstaff market for Edgehill this year – expanding their portfolio in Arizona’s best rental market. Kinsey Ridge will result in a great long-term investment and value-add opportunity for them,” said Nicoluzakis.

According to Cushman & Wakefield research, apartment rents in the Flagstaff metro area increased 2.9% year-over-year as of the first quarter of 2018.  There are 920 units currently underway, representing a 16% expansion of the existing inventory and over the last three years, 380 units have delivered, or a cumulative inventory expansion of 7.1%.

Tucson, AZ – 5151 E. Broadway | Kent Circle Partners, Scott Seldin, president, has made a $5,000 contribution to the Tucson Jazz Music Foundation. A check was presented to Krystyna Parafinczuk, treasurer of the Foundation, at the Tucson Jazz Institute’s Spring Concert, Sunday, May 20th, at the Berger Performing Arts Center.

This third annual gift will assist in creating educational and performance opportunities for young musicians to reach their highest potential. The Tucson Jazz Music Foundation is a nonprofit 501(c)(3) organization.

“The Tucson Jazz Music Foundation is grateful to the Seldin Family, ownership of 5151 E. Broadway, for their generous donation and participation in our mission to help middle and high school age students receive an outstanding jazz music education. We provide scholarships to the students of the Tucson Jazz Institute, and a fair number of them would not be able to afford the program if not for private donations. This gift will create opportunities for learning, growing, and performance for those children in need in the year ahead”, states Ms. Parafinczuk.

For more information on the Tucson Jazz Music Foundation visit tjmfdn.org.

PHOENIX, ARIZ. – The Government Property Lease Excise Tax, more commonly known as the GPLET, will be the topic at the June AZCREW lunch. Leading the discussion will be attorney Grady Gammage Jr.

The GPLET was established by the state of Arizona and is a tool designed to initiate development by reducing a project’s operating costs by replacing the real property tax with an excise tax. Under the state statute, an excise tax is established for the building type of use and is calculated on the gross square footage of the building.

AZCREW, the leading organization for senior-level executive women in the Metro Phoenix real estate field, presents “What You Need to Know about Government Property Lease Excise Tax” June 19 at Phoenix Country Club, 2901 N. 7^th St., in Phoenix.

Gammage is one of the founders of Gammage & Burnham. His practice has focused on the political aspects of real estate, development, and public policy. As a zoning attorney he has represented dozens of major commercial projects.

AZCREW’s June lunch begins with networking at 11:30 a.m. The program starts at noon. Early registration for members is $40 ($45 after June 8); non-member pre-registration is $65, $85 at the event. Lunch is included. Register here.