The merchant builder wanted to wait until the complex at 4255 E. Soliere passed its first birthday before putting it on the market, Bob Bruno of Phoenix-based Hendricks & Partners tells GlobeSt.com. Timberline II LP of Bellevue, WA is the buyer of record and Timberline Village Apartments II LP, the seller of record.

Bruno and Hendricks & Partners' Patrick Slavin began marketing the project about two years ago just as the flagship product rolled out and prior to phase II's ground-breaking. Bruno says the Flagstaff apartment market "got really tight" during that timeframe. The average rent increased from $1.05 per sf to $1.25 per sf.

Occupancy at the complex is in the high 90%s. Bruno says it was a great deal for the seller while the buyer will be benefiting from a good financing package and a better investment return in the long run due to the property's heightened value.

Bruno doesn't expect the tight Flagstaff market to change anytime soon. He says there is a shortage of land in the North Arizona city. Rent and occupancy are going up at all multifamily properties as Flagstaff runs countercyclical to metro Phoenix's multifamily market. But, it's sure to remain an owners' market as long as land is at a premium and permitting processes hold true to their tough tests.