Utah Investor Makes First Arizona Multi-family Buy with $41.3 Million Deal in Flagstaff

Publish Date 03.07.2014
Volume: XX
Number: 9

Flagstaff – A company formed by EquiMark in Salt Lake City, Utah (Jed Millburn, principal) paid $41.3 million ($143.403 per unit) to purchase the 288 unit Elevation Flagstaff apartments at 5000 N.Mall Way in Flagstaff. The seller was a venture formed by Vedura Residential in Scottsdale (Bruce Hart, Paul Fannin, Jason O’Clair, pricipals) and Thackeray Partners in Dallas,  Tex. (Mary Hager, Tony Dona, principals). The deal was negotiated by Mark Forrester, Ric Holway and Dan Cheyne of Hendricks-Berkadia in Phoenix, Records show Elevation Flagstaff AZ LLC (Millburn’s company) acquired the apartment property from Vedura Elevation LLC (Vedura venture) with a down payment of $8.089 million and $33.211 million Fannie Mae Loan issued by Walker & Dunlop LLC. The escrow was handled by Diane Carpenter of Thomas Title & Escrow LLC in Scottsdale. The Flagstaff apartment acquisition is the first outside of Utah for EquiMark, a multi-family investment and brokerage firm. Sources say Elevation Flagstaff is the 11th multi-family investment for EquiMark, which has 10 apartment properties in Utah. The privately-held company is looking for additional multi-family investment opportunities in Arizona, in May 2010, BREW reported Vedura Residential, acquiring a note that was secured by the 14.4-acre site in Flagstaff, foreclosing on the parcel and planning to develop Elevation Flagstaff. The complex was completed last year. Elevation Flagstaff is the first of three multi-family projects Vedura Residential has either developed, plans or has under construction in Arizona. Vedura Residential is looking for more multi-family investment and development opportunities in Arizona. BREW previously reported Vedura planning to develop a 163-unit apartment complex just west of the northwest corner of Pecos and Dobson roads in Chandler called Elevation Chandler and 266 multi-family units at the southwest corner of Central and Highland avenues in Phoenix called Elevation Central. Learn more from Millburn at (801) 461-1371. Talk to Hart, Fannin and O’Clair at (480) 922-9200. The Hendricks-Berkadia agents are at (602) 955-1122.

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