Half of the condominium units at the Timberline Place Condominiums were sold in a bulk sale for $18.75 million last week.
The 102 units were valued at $182,107 per unit, and are mostly occupied by renters who are on leases, and will stay in their units after the sale, said Steven Nicoluzakis and David Fogler, brokers from Cushman and Wakefield who represented the seller, Clear Sky Capital. The sold units were 95 percent occupied, they said.
“The other 102 units are all individually owned. When the building was converted to condominiums, the market turned and prohibited further sale of units, so the remaining stayed as rentals,” Nicoluzakis and Fogler said in an email.
The new owner, Timberline Place Apartments, LLC, a partnership of Edgehill Investments and the Tanbic Company, plan to continue to operate the units as rentals.
According to the complex’s website, rents at the complex start at $1,290 per month for a one-bedroom unit, and go to $1,800 per month for a three-bedroom unit.
Unit interiors include full-size washer and dryer, nine-foot ceilings, private balcony/patios, gas fireplaces, alarm system and spacious closets. The property’s common area amenities includes a heated pool and spa, outdoor fireplace and lounge, clubhouse, fitness center, yoga studio, full size indoor basketball court, sauna and golf course views, a spokeswoman for Cushman and Wakefield said in a press release.
“Timberline Place is a best-in-class asset located in Flagstaff, which has been one of the stronger performing rental housing markets in Arizona this cycle,” Nicoluzakis said in a press release. “This quality property will provide the buyer a long term, high yielding, and stable investment.”