Cushman & Wakefield Brokers $64.5M Sale of Luxury Multifamily Community in Arizona

Cushman & Wakefield CWK announced the firm has brokered the sale of Village at Aspen Place, a 222-unit Class A, mixed-use luxury multifamily community located within a premier lifestyle center in Flagstaff, Arizona. An entity formed by Orange County, California-based NNC Apartment Ventures, LLC acquired the Village at Aspen Place community for $64.5 million. The seller was an entity formed by Kansas City, Missouri-based VanTrust Real Estate, LLC.

David Fogler and Steven Nicoluzakis with Cushman & Wakefield's Multifamily Advisory Group in Phoenix represented the seller in the transaction.

"The buyer was attracted by the opportunity to acquire one of the finest apartment communities in the Flagstaff submarket," said Fogler, Executive Managing Director. "Village at Aspen Place's unit interiors feature high quality finishes while its amenities are best in class. Additionally, the surrounding property features some of the finest shopping, restaurants and service businesses Flagstaff has to offer."

Village at Aspen Place was completed in 2015 and features a mix of studio, one-bedroom and two-bedroom floor plans. The community features ground floor retail, an attached parking garage and has elevator service to each floor.

Located at 601 East Piccadilly Dr., Village at Aspen Place is conveniently located to nearby shopping, dining and entertainment venues as well as Flagstaff's historic downtown area and Northern Arizona University.

About Cushman & Wakefield

Cushman & Wakefield CWK is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

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