EXCLUSIVE MULTIFAMILY OFFERING
1651 N. Gemini Road | Flagstaff, AZ
EXCLUSIVE MULTIFAMILY OFFERING
1651 N. Gemini Road | Flagstaff, AZ
Berkadia is pleased to present The Overlook at Buffalo Park, a 155-unit Build-to-Rent (BTR) community located in the city of Flagstaff. Completed in two phases in 2017 and 2020, The Overlook at Buffalo Park is the only BTR community in Flagstaff as significant barriers to entry have limited multifamily construction in the market. The Overlook integrates spacious, one-story apartment homes within a low-density site plan featuring spectacular view of the San Francisco Peaks. The community is complemented by attractive community amenities including an expansive clubhouse, fitness center, gas fire pits, and private dog park and grooming station.
The Overlook at Buffalo Park is strategically situated in the McMillian Mesa Village master plan of Metro Flagstaff, just one-mile North of the Historic Route 66. The property is situated close to significant demand generators such as Flagstaff Medical Center, Northern Arizona University, Coconino Community College, Lowell Observatory, WL Gore & Associates HQ and Historic Downtown Flagstaff Dining & Shopping. The Overlook’s residents enjoy immediate access to BASIS Flagstaff, the top public elementary school in Arizona. Residents are also connected to Flagstaff’s Urban Trail system and Buffalo Park, a 215-acre park that offers hiking trails, wildlife, & scenic mountain views. The Overlook at Buffalo Park is offered free and clear enabling investors to explore today’s financing environment.
Class A Build-to-Rent Product
Nestled near the center of Flagstaff, The Overlook at Buffalo Park offers 155 total apartment homes in a low-density, single-story layout. Complete with a full slate of community amenities, The Overlook offers residents a true single-family lifestyle without the burdens of home ownership. Residents are greeted by a fully renovated freestanding leasing center / clubhouse (“The Farmhouse”) with open concept seating, modern kitchen, private leasing offices, fitness center, and a dog-washing station. Outdoor amenities include large gas firepits with seating areas, a bocce ball court, a dog park, barbecues, and two electric car charging stations.
Detached, Oversized Floorplans
The Overlook at Buffalo Park offers a unique set of detached one, two, and three-bedroom rental homes averaging 1,097 square feet. Each home features an open concept floorplan, vinyl wood flooring, vaulted ceilings, gourmet kitchen with quartz countertops, kitchen island, and stainless-steel appliances, raised panel doors, large walk-in closets, side-by-side full-size washer dryers, and oversized patios / yards with breathtaking views of the San Francisco Peaks. Each home also includes separate heating and air-conditioning, a rare amenity in the Flagstaff market.
Rare Product & High Barriers to Entry
The Overlook at Buffalo Park is the only current horizontal, build-to-rent community in the Flagstaff market. Only three communities totaling 564 units are currently under construction, and only five communities totaling 1,053 units are planned. The Overlook is surrounded by McMillian Mesa Natural area, the 300-acre legally designated open-space is one of the last intact native grasslands in the city of Flagstaff, limiting area development and maintaining the community’s views of the San Francisco peaks.
Compelling Performance Trends
Limited future supply combined with consistently high demand in the Flagstaff market has resulted in strong effective rent growth up 18.6% year-over-year in 2Q22 and record occupancy of 98%. The Overlook at Buffalo Park’s performance over the past six months has been emblematic of this recent rent growth. Recent leases over the last 90 days have increased $262, a 13.12% total increase over their prior lease rates.
Strong Resident Demographics Support Rent Growth
The average age of residents at The Overlook at Buffalo Park is 36 with a median household income of $111,600. The Overlook’s average in-place rent of $2,211 creates a remarkably low rent-to-income rate of 19.8%, significantly lower than the national average of 34%. The Overlook’s projected market rent of $2,368 creates a rent-to-income ratio of 21.2%.
Soaring Home Prices
As the regional hub of Northern Arizona and Arizona state’s resort town destination, Flagstaff has historically seen home prices outshining larger Arizona markets such as Phoenix and Tucson, but recent supply / demand imbalances have further underpinned soaring home prices in the market. Average home values in March 2022 hit $651,767, up 34.7% year-over-year. With a market median household income of $65,004, these high home values will continue to price out many potential home buyers further increasing rental demand in the market.
Proximity to Flagstaff’s Largest Demand Generators
Conveniently situated near the I-40 / Route 66 and Interstate 40, The Overlook at Buffalo Park is ideally located near Flagstaff’s highest demand generators. Most notable is the nearby Flagstaff Regional Medical Center. Featuring 264 beds and a total on-site and ancillary employment of over 4,200, Flagstaff Regional Medical Center is the lead provider of medical care in Northern Arizona. The Overlook is immediately adjacent to BASIS Flagstaff, the top public elementary school in Arizona, and also benefits from a short drive to Northern Arizona University, the largest demand generator in the market, supported by ±3,500 on-site faculty and staff and ±23,000 students.
Dynamic Location Near Lifestyle & Entertainment
Situated within the 100-acre McMillan Mesa Village Master Plan and immediately adjacent to the Flagstaff Urban Trail System, The Overlook at Buffalo Park is well-connected to outdoor recreation trails, Buffalo Municipal Park, and Flagstaff’s downtown area. Directly connected through the trail system, the site sits just one-mile northeast of the heart of Downtown Flagstaff. Home to a multitude of local restaurants and shops, Downtown Flagstaff is a hub for activities, offering residents a pedestrian-friendly atmosphere with many high-profile events.
2017 & 2022
Average Square Feet
8.6 Units / Acre
2525 E. Camelback Road
Phoenix, AZ 85016
Senior Managing Director
1651 N. Gemini Road | Flagstaff, AZ 86001
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