AULTAS ACQUIRES MULTIFAMILY PORTFOLIO 05/20/16

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.”