Arizona Flagstaff Elkwood multifamily project is set to benefit from a US$ 50M construction loan from JLL Capital Markets. The 224-unit multifamily project is developed by Wexford Developments and is expected to be completed in 2024.
Designed by Stewart + Reindersma, the development will be made up of four independent four-story buildings with 56 flats each and a 6,000-square-foot retail structure. The flats will feature studio, one, and two-bedroom floorplans with an average size of 938 square feet. The apartments will have washers and dryers, quartz worktops, and stainless steel appliances.
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A 4,000 square foot leasing office, clubhouse with lounge area, exercise center, and swimming pool. Moreover, the development will have a spa center, storage space, and an amphitheater just to mention a few in-house amenities.
Arizona Flagstaff Elkwood will be situated on a 13.5-acre plot of land near Interstate 40. This site is less than 3 miles from downtown Flagstaff and Northern Arizona University, at the intersection of North Fourth Street and East Butler Avenue. The Flagstaff Pulliam Airport is around 7 miles away, and there are a lot of shopping and dining options close by.
Arizona Flagstaff Elkwood to increase the supply of market-rate homes in Flagstaff and Arizona at large
“Flagstaff continues to be a highly sought-after apartment submarket with high occupancy. In the contrast, there is a very small supply of products priced at market rates.
We are therefore pleased to have assisted in advancing the Arizona Flagstaff Elkwood project. This development will be a welcome addition of additional supply to the neighborhood,” stated Senior Managing Director Brad Miner.
Real estate investment, development, and management firm Wexford Developments have more than $500 million in assets under management and more than $1 billion in projects in the works. The company has locations in New York, West Palm Beach, and Calgary, Alberta.
