107
FLAGSTAFF, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale and financing of Ponderosa Park, an apartment property in Flagstaff. Keller Investment Properties sold the property to Bridge Partners for $28 million, or $233,750 per unit. Built in 1985 on five acres, Ponderosa Park offers 120 apartments, two laundry facilities, a clubhouse, fitness center and 24-hour emergency maintenance services.
Steve Gebing, Cliff David and Hamid Panahi of IPA represented the seller and procured the buyer in the deal. Brian Eisendrath, Cameron Chalfant, Jesse Zarouk, Jake Vitta and Tyler Johnson of IPA Capital Markets secured acquisition financing for Bridge Partners.