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FLAGSTAFF, AZ-A Utah buyer has closed on the 24-unit Pineview Village Condominiums in Flagstaff for $1.6 million. While the local multifamily market has lagged in recent years, the complex’s two vacancies at closing plus the buyer’s reputation bode well for future performance.

“I’ve closed dozens of transactions with him. He’s tried and true and had the money in the bank,” Doug Fielding, a vice president at Marcus & Millichap in Phoenix, tells GlobeSt.com. David Sanchez of Bountiful purchased the 20-year-old development at 2401 N. West St. from Daniel Berman of Flagstaff in an off-market play.

With at least one apartment complex in Flagstaff already under his belt, Sanchez approached the seller with an offer, obtained acquisition financing and closed shortly thereafter, says Fielding.

Fielding characterizes the Flagstaff multifamily market as recovering following several soft years. In the coming months, the city’s well-positioned and stabilized properties will start generating more investor interest, says the deal’s sole broker.

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