X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FLAGSTAFF, AZ-In a 1031 exchange, a buyer looking to acquire a piece of Flagstaff got just what he wanted after his broker presented a proposal for a property that wasn’t on the market.

“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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.