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%.