AULTAS ACQUIRES 100-UNIT MULTIFAMILY ASSET / 02/13/15

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.”