ABIMultifamily.com/portfolio/arrowhead-loftsFor more information please visit:ARROWHEAD LOFTS LANDARROWHEAD LOFTS LAND

1965 EAST MOUNTAIN VIEW, FLAGSTAFF, AZ 860041965 EAST MOUNTAIN VIEW, FLAGSTAFF, AZ 86004

1.48 Acres of Vacant Land That Is Zoned for High-Density ResidentialLocated Approximately Two Miles to Historic Downtown FlagstaffA Short Bike Ride (Just Over Two Miles) to NAU CampusSurvey, Cultural Resources Study, Geotech Analysis, & Storm Water Analysis All Fully Completed & Approved

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Many Improvements Already Complete (Per the Recently Expired Plans/Permits) Including the Following:-Storm Water Manhole to Tie Into Regional System & Lateral to the Site Is Installed

-6" Sewer Tap & Lateral Completed & to the Site-Water Tap & Main Line Completed & to the Site-Fire Tap & Lateral Is Completed to the Site-Fire Hydrant Installed

Offering Price: $1,300,000 52-Unit Development Opportunity in Flagstaff, AZ

ABIMultifamily.com Phoenix Headquarters: 5227 North 7th Street, Phoenix, AZ 85014 Tel: 602.714.1400

-Gas Line to Back of Curb-Full-Width Street Improvements to Arrowhead Avenue Are Complete-Curb, Gutter, & Match-Up Paving in Mountain View Avenue Are Complete-Dry Utility Design Is Completed & Approved for Construction

All information provided in reference to the property has been collected from sources deemed reliable. However, no representations or warranties are made as to the accuracy ofsaid information. In addition, no warranty or representation is extended to errors, omissions, change of price or other conditions. Any projections, estimates, opinions, financial orother assumptions are provided for example purposes and do not represent current or future performance of the property. Please consult with your legal, financial and taxprofessionals to make any determinations regarding whether the property is suitable for your needs and purposes.

OFFERING PRICE: $1,300,000

TOTAL UNITS: 52 (PREVIOUSLY APPROVED PLAN)

LOT ACREAGE: 1.48 +/- | LOT SF: 64,382

This is an amazing opportunity to purchase a residential development site right in the heart of Flagstaff. This 1.48+/- acre development site was approved for 52 units in the past, so the city is likely to give you plenty of density here (the permits have recently expired). The site is extremely well located, just off Route 66 at Arrowhead Avenue along a major traffic corridor in the area and across the street from the new TRAX commercial/retail development. It is also only a short bike ride to downtown Flagstaff and Northern Arizona University (each being a little over 2 miles away). Flagstaff consistently gets listed as one of the best college towns in the nation, although housing is scarce and there is a lack of new apartment development. Recent reports show that Flagstaff has the least affordable rental housing of all major cities in Arizona and has a severe shortage of new and quality residential rental product. Flagstaff has also historically been a tough city to get land through the entitlement process, especially when it comes to high-density residential. Having a site that is zoned HR to already all allow for high density residential, in an incredible location, makes this an incredibly unique and rare offering.

Plans were previously approved for 52 units with 13 studios, 16 one-bedroom, 18 two-bedroom, and 5 three-bedroom units (3 of which are amazing penthouses), all with great private outdoor spaces and a large common outdoor space. The plan consisted of three stories above the parking level in a “mock-podium” deck style. Podium deck construction achieves higher density per acre, requires less paving, allows more parking on smaller sites, reduces storm water detention and retention, and allows a rare opportunity to provide semi-conditioned indoor secured parking in a cold weather climate. The permits have recently expired, but one would expect to get similar density if desired or an investor could design a less dense, more affordably built product on the site.

The city of Flagstaff is one of the most popular areas in all of Arizona to visit and live because of its high elevation, moderate temperature, and natural beauty. It is surrounded by the 1.8+ million acre Coconino National Forest which is the largest contiguous Ponderosa Pine forest in the world. This development site is approximately two miles away to the popular, historic downtown area filled with dining options, boutiques, microbreweries, coffee shops, art galleries, and more. Many new amazing restaurants have opened up in the last few years as both downtown and the Southside Historic District have seen a great influx of new businesses and continued gentrification. The site is also just over two miles to the NAU campus where there is a severe shortage of housing options. Flagstaff offers a wealth of activities all year round including skiing/snowboarding and other fun winter activities, amazingly moderate temperatures in the summer months, hiking, mountain biking, and more. Given the average of 288 days of sunshine per year along with an extensive list of outdoor activity options, Flagstaff is an extremely attractive city for both short and long term residents as well as students in one of the best college towns in the country.

The city of Flagstaff is one of the most popular areas in all of Arizona to visit andlive because of its high elevation, moderate temperature, and natural beauty. Itis surrounded by the 1.8+ million acre Coconino National Forest which is thelargest contiguous Ponderosa Pine forest in the world. This development site isapproximately two miles away to the popular, historic downtown area filled withdining options, boutiques, microbreweries, coffee shops, art galleries, andmore. Many new amazing restaurants have opened up in the last few years asboth downtown and the Southside Historic District have seen a great influx ofnew businesses and continued gentrification. The site is also just over two milesto the NAU campus where there is a severe shortage of housing options.Flagstaff offers a wealth of activities all year round including skiing/snowboarding and other fun winter activities, amazingly moderatetemperatures in the summer months, hiking, mountain biking, and more. Giventhe average of 288 days of sunshine per year along with an extensive list ofoutdoor activity options, Flagstaff is an extremely attractive city for both shortand long term residents as well as students in one of the best college towns inthe country.

PATRICK BURCH JOHN KLOCEKVice President Vice President602.344.9197 602.344.9258patrick.burch@abimultifamily.com john.klocek@abimultifamily.com

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For more information please visit:ABIMultifamily.com/portfolio/arrowhead-lofts

ARROWHEAD LOFTS LAND

ARROWHEAD LOFTS LAND1965 EAST MOUNTAIN VIEW, FLAGSTAFF, AZ 86004