PAOLI, PA — TSB Realty, LLC successfully completed the sale of Elara at The Sawmill, a 332-unit, 804-bed luxury student housing property located next to Northern Arizona University in Flagstaff, Arizona. McGrath Real Estate Partners and Kayne Anderson Real Estate sold the property to an undisclosed buyer.
In addition to TSB Realty brokering the sale, TSB Capital Advisors consulted on the buyer joint venture partnership and arranged the acquisition financing.
“We’re proud to get this deal over the finish line before the end of the year, especially in the current market environment,” said Timothy S. Bradley, a principal with TSB Realty and the founder of TSB Capital Advisors. “As the newest purpose-built property in a very high-barrier to entry market, with a top-of-the-line amenities package, 99% occupancy and impressive rent growth, Elara is an excellent addition to the buyer’s portfolio.”
Built in 2022, Elara at The Sawmill offers a diverse range of living spaces, from studios to four-bedroom apartments. Each unit is equipped with designer packages, smart 55-inch TVs, granite countertops, stainless steel appliances, and other high-end finishes. Community amenities include a heated resort-style pool and jumbotron, grilling pavilion and kitchen, Flagstaff’s most extensive residential gym, private and group study lounges, a pet wash station, and an outdoor bouldering rock. Located conveniently near Northern Arizona University and within walking distance of various shops and restaurants, Elara has established itself as a cornerstone of upscale living in Flagstaff.
TSB Realty is a full-service, national investment sales firm specializing in the valuation and disposition of student housing communities and conventional multifamily communities. Since inception in 2014, the Paoli, Pennsylvania-based firm has closed over $9.2 billion in student housing sales for a diverse client base, encompassing more than 70,000 beds from tier 1 markets to tertiary markets.
TSB Capital Advisors is the national leader in student housing and multifamily real estate advisory services, with offices in Phoenix, Arizona (headquarters) and Paoli. Since its creation in 2009, TSB Capital Advisors has helped close over 500 deals and more than $56 billion in student housing and multifamily transactions.