FLAGSTAFF, AZ-A developer from nearby Scottsdale, American Property Development Southwest LLC, has paid $2.6 million for 11.3 acres near Northern Arizona University. The plan is to develop an estimated $20-million apartment complex with 192 class A units.
The land, known as Aspen Heights because of its abundance of aspen trees, is zoned for multifamily use, says Cindy Cooke, a broker with Colliers International's Phoenix office. "Flagstaff really has strong barriers to entry," she says, adding it's difficult to find developable land that is zoned and "ready to go." She and Bret Zinn brokered the sale of the 923 W. University Ave. acreage for a Mesa partnership.
Cooke tells GlobeSt.com that Sterling Ridge will be American Property Development's first endeavor in the city. "They're familiar with the market because of other deals they've pursued, but this is their first project," she says. "It's really in a prime location and will have amenities that are unique to the Flagstaff market." The complex will have a three-acre green space, pool and movie theater in the clubhouse.
The developer already has received site plan approval. Ground will break in September, Cooke says.
American Property Development is handling the design and development. The complex will feature a mix of one- and two-bedroom units, according to Cooke. Monthly rents will be over $1 per sf, she estimates.
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