FLAGSTAFF, AZ – Apartment Ventures, NNC announced the recent acquisition of Village at Aspen Place, a 222-unit luxury mixed-use Class A condo. Built in 2015, the hotel is located on Aspen Place in Sawmill, Flagstaff's premier lifestyle center. It offers some of the best shopping, dining, and service in town.
Apartment Ventures was able to acquire this asset in a highly competitive environment based on more than 35 years of experience investing in the Southwest, proven underwriting metrics as well as extensive local market knowledge and deep regional relationships. Although many companies have entered the Southwest market in recent years, Apartment Ventures has been investing in the region for over three decades in order to gain knowledge of newer companies in the market. These long-term and well-developed relationships played an essential role in Apartment Venture's acquisition of the property.
The $ 64.5 million transaction is Apartment Ventures' fourth institutional acquisition in the Southwest in as many years. This brings the portfolio in the southwest to close to 1,000 units, which corresponds to an investment of almost a quarter of a billion dollars.
With this new acquisition, Apartment Ventures continues to do what they do best: make targeted, well-researched investments in well-known markets, resulting in successful long-term relationships that produce solid returns.
John Nunn, Principal at Apartment Ventures, NNC, said, “Our acquisition of this property was made possible because of our reputation, relationships and extensive knowledge of the Southwest market. All of these aspects add value to our investors and have helped us become a boutique company that can compete with institutional investors. We are very proud of this latest purchase – it continues to cement our longstanding reputation in the region. "
Source: Apartment ventures