Argosy Real Estate Partners acquires OZ site for build-for-rent townhome development in Flagstaff, Ariz.

Argosy Real Estate Partners has closed on the acquisition of a 15-acre, fully entitled site located in Flagstaff, Ariz., for the ground-up development of Towns on Lone Tree, a 210-unit, build-for-rent townhome community. The project will be developed in partnership with P.B. Bell, Everest Holdings and Symmetry Companies.

Flagstaff, located approximately 140 miles (a two-hour drive) north of Phoenix, Ariz., 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 percent affordable component totaling 25 units, and a full amenity package including clubhouse, fitness center, resident lounge, covered bicycle storage,