PHOENIX – May 6, 2021 – Berkadia announced today the sale of Bungalows on Pine Cliff, a recently opened 155-unit single family for rent multifamily property in Flagstaff, Arizona. Senior Managing Directors Mark Forrester and Ric Holway, Senior Director Dan Cheyne and Director Andrew Curtis of Berkadia Phoenix completed the $49.25 million sale on behalf of the seller, Arizona-based Cavan Companies, LLC. The buyer was Georgia-based St. Clair Holdings, and the deal closed on April 28.
“Offering stellar views of The San Francisco Peaks and located in the 100-acre McMillan Mesa Master Plan, Bungalows on Pine Cliff is ideally situated close to the Flagstaff Regional Medical Center, offers direct access to the extensive Flagstaff Urban Trail System and is also conveniently near parks, shopping, Historic Downtown Flagstaff and Northern Arizona University,” said Forrester.
Located at 1651 N Gemini Drive, Bungalows on Pine Cliff features one-, two- and three-bedroom low density, single story floorplans (1,097 average unit size plus front porches and fenced yards) with in-unit washers and dryers, a full complement of appliances, kitchen islands with hard surface countertops, vaulted ceilings and large closets. Community amenities include a fitness center, a clubhouse with a fireplace, front and rear outdoor verandas, an indoor dog washing station, a dog park, two fire pits, a bocce ball court, two electric car charging stations and outdoor areas with grilling stations. The property is also conveniently located near Interstates 17 and 40, the hiking and ski areas at Arizona Snow Bow and The Grand Canyon National Park Foundation.