"We made a deal and the rest is history," Doug Fielding, vice president of Marcus & Millichap's Phoenix office, tells GlobeSt.com. The transaction, totaling nearly $6.5 million puts the 132-unit Pinecliff Village Apartments into the hands of Dave Sanchez of Sanchez Brothers Mesa Partnership, who was seeking to reinvest proceeds from the September sale of the 48-unit Cypress Commons Condominiums in Mesa. Pinecliff Village's buyer is an investment group with ties to Utah, California and Arizona.
Farnam Cos. Inc. of Phoenix was the seller of Pinecliff Village, located at 1105 E. Ponderosa Parkway in Flagstaff. The class B complex was built in 1972 and is positioned on a little more than 6.3 acres. Fielding says the buyer is planning some cosmetic upgrades to the 100%-occupied property situated in a residential section in Midtown.
Fielding represented buyer and seller, Chuck Duff, owner of Farnam Cos. The transaction, says Fielding, was a 1031 exchange on both sides of the fence as Farnam scouts the market for a reinvestment of the proceeds from the Flagstaff sale. In the past month, Farnam has been particularly active as a seller and buyer from one end of the metro area to the other.
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