AULTAS ACQUIRES MULTIFAMILY-ZONED LAND PARCEL

Carlsbad, CA - Real estate private equity firm, Aultas (formerly RRIM) closed a multifamily-zoned land acquisition in Flagstaff, AZ today.

The total purchase price is undisclosed.

Aultas sourced this acquisition in an off-market manner, facilitating direct engagement with the seller. There were no brokers involved in this transaction.

This asset increases Aultas' current holdings in the Flagstaff market, which presently include the 100-unit Table Rock Apartments, the 306-unit Ridge at Clear Creek and the 113-unit Clear Creek Village Apartments.

Aultas capital stack deployed private equity investment from individuals who are close to the firm.  

This asset is adjacent to the 740-acre Northern Arizona University (NAU) campus. 2015 NAU enrollment on the Flagstaff campus was 21,107. The Arizona Board of Regents estimates that enrollment on the Flagstaff campus will reach 25,000 in 2020.  

Aultas Managing Principal, Stu Bone, had the following to say about Flagstaff and NAU: “NAU offers a top-ranked engineering program at a fraction of the cost of competing universities. We believe in the long-term growth prospects for this City and this University. We appreciate the opportunity to provide clean, safe, well-managed housing for NAU students and Flagstaff residents.”

More info on Aultas is available at www.aultas.com

AULTAS ACQUIRES $58,750,000 PORTFOLIO

Carlsbad, CA - Real estate private equity firm, Aultas (formerly RRIM) closed a portfolio acquisition of 419 multifamily units in Flagstaff, AZ today.

The total purchase price was $58,750,000.

Aultas purchased the 113-unit mixed-use asset, Clear Creek Village, for $14,925,000. This represents a purchase price of $132,079 per unit.

Aultas purchased the 306-unit Ridge at Clear Creek Apartments for $43,825,000. This represents a purchase price of $143,218 per unit.

Aultas sourced this acquisition in an off-market manner, facilitating direct engagement with the seller. There were no brokers involved in this transaction.

These assets increase Aultas' current holdings in the Flagstaff market, which presently include the 100-unit Table Rock Apartments.

Aultas capital stack deployed private equity investment from individuals who are close to the firm.  

Both assets are immediately adjacent to the 740-acre Northern Arizona University (NAU) campus. 2015 NAU enrollment on the Flagstaff campus was 21,107. The Arizona Board of Regents estimates that enrollment on the Flagstaff campus will reach 25,000 in 2020.  

Aultas Managing Principal, Stu Bone, had the following to say about Flagstaff and NAU: “NAU offers a top-ranked engineering program at a fraction of the cost of competing universities. We believe in the long-term growth prospects for this City and this University. We appreciate the opportunity to provide clean, safe, well-managed housing for NAU students and Flagstaff residents.”

More info on Aultas is available at www.aultas.com

AULTAS ACQUIRES 100-UNIT MULTIFAMILY ASSET IN FLAGSTAFF, AZ

Carlsbad, CA - Real estate private equity firm, Aultas (formerly RRIM) closed its acquisition of 100 multifamily units in Flagstaff, AZ on 2/13/15.

Aultas purchased the 100-unit Table Rock Apartments for $14,350,000. This represents a purchase price of $143,500 per unit and $139 per foot. The asset is comprised of 60 units featuring 2 bedrooms with 2 bathrooms and 40 units featuring 3 bedrooms with 2 bathrooms.

Aultas sourced this acquisition in an off-market manner, facilitating direct engagement with the seller, Virtu Investments. 

Aultas capital stack deployed private equity investment from individuals who are close to the firm.

Aultas sourced a new Freddie Mac loan through Mark Grace at Walker Dunlop. Loan proceeds were $11,480,000. This loan features a 10-year fixed interest rate of 3.93%.

The Table Rock Apartments are in close proximity to the 740-acre Northern Arizona University (NAU) campus. 2015 NAU enrollment on the Flagstaff campus was 21,107. The Arizona Board of Regents estimates that enrollment on the Flagstaff campus will reach 25,000 in 2020.  

Aultas Managing Principal, Stu Bone, had the following to say about Flagstaff and NAU: “We appreciate the opportunity to provide clean, safe, well-managed housing for NAU students and Flagstaff residents.”

More info on Aultas is available at www.aultas.com