FLAGSTAFF, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has arranged the sale of Ponderosa Park in Flagstaff. Bridge Partners acquired the 120-unit property from Keller Investment Properties for $28 million.
Ponderosa Park was built in 1985. The property is located on five acres across the street from Buffalo Park, a 215-acre park with a two-mile hiking trail. The community offers amenities such as two laundry facilities, a clubhouse, fitness center and 24-hour emergency maintenance services.
IPA’s Steve Gebing, Cliff David and Hamid Panahi represented the seller and procured the buyer in the transaction. Brian Eisendrath, Cameron Chalfant, Jesse Zarouk, Jake Vitta and Tyler Johnson of IPA Capital Markets secured acquisition financing.