Wexford Secures $50M to Develop Mixed Use Property in Flagstaff
224 Unit Flagstaff Multi-Housing Development to be completed in 2024
Wexford Developments secured $49.45 million in construction financing for the development of Flagstaff Elkwood, a to-be-built, 224-unit multi-housing community, along with 6,000 square feet of retail space, in Flagstaff, Arizona.
Anticipated for completion in late 2024, Flagstaff Elkwood will consist of four buildings and a leasing center. The four-story residential buildings will offer studio, one- and two-bedroom units averaging 938 square feet each. Units will feature stainless steel appliances, quartz countertops, wood-style flooring and in-unit washer/dryers. On-site amenities will include a 4,000-square-foot leasing office and clubhouse with lounge area, fitness center, pool and spa and grilling area. In addition, residents will have access to storage space, a package hub and nearby amphitheater.
Flagstaff Elkwood will be positioned on 13.5 acres at the NEC of E. Butler Ave. and N. 4th St. just three miles from Downtown Flagstaff and Northern Arizona University. The immediate area features numerous retail, recreation and dining options and is close to Interstate 40 providing access to the greater Phoenix area.
JLL Capital Markets secured the 65% LTC construction loan with a commercial bank on behalf of Wexford Development.