AULTAS ACQUIRES MULTIFAMILY-ZONED LAND PARCEL / 08/17/16

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.”