We are pleased to announce that Argosy Real Estate Partners has closed on the acquisition of a 15-acre, fully entitled site located in Flagstaff, AZ, for the ground-up development of Towns on Lone Tree, a 210-unit, build-for-rent townhome community.

Flagstaff, located approximately 140 miles (two-hour drive) north of Phoenix, AZ, is known for its desirable climate, strong employment base, top-rated medical facility (Flagstaff Medical Center), and access to year-round recreational attractions. The site is prominently located adjacent to the entrance to Pine Canyon, a 620-acre, master-planned, private golf community, and within one-mile of Northern Arizona University (29,600 total enrollment).

The project will consist of 210 units, including a 12% affordable component totaling 25 units, and a full amenity package including a clubhouse, fitness center, resident lounge, covered bicycle storage, resort-style swimming pool, and direct access to the Flagstaff Urban Trails System. The unit mix includes studio, one, two, and three-bedroom units across a mix of flat-style floorplans and two-story, townhome-style floorplans. Residents of the project will likely include a mix of young professionals, post-graduate students and empty nesters.

The investment provides the opportunity to deliver a build-for-rent townhome community to a high barrier-to-entry market facing a critical housing shortage while obtaining the benefits of investing within a Qualified Opportunity Zone.

The project will be developed in partnership with P.B. Bell, Everest Holdings and Symmetry Companies. P.B. Bell is an experienced multifamily developer and manager with more than 45 years of experience in Arizona and 2,300 units currently under development. Everest Holdings, founded in 2002 and based in Scottsdale, AZ, is a diversified real estate investment, management, development, and advisory firm with an extensive development track record throughout the Southwest. Symmetry Companies is a Scottsdale-based luxury resort and residential developer and operator that manages Pine Canyon and is committed to the long-term success of the Flagstaff community.