The new project, also aimed at NAU students, will be developed by the same company that built 10, four-story buildings designed to house 562 students last yearApartment construction at Aspen Place in Flagstaff – photo by Jake Bacon
The Arizona Daily Sun reported this morning that by the end of the year, there will be 54 new apartment-style townhomes in the shadow of the massive student housing complex known as The Grove at Flagstaff. Since the student population of Northern Arizona University has exploded in the last few years, there is a need for more housing. Still, with second home buyers still scare in a slowly recovering real estate market, this means more pressure on the already depressed prices of existing condos that were made available by apartment conversions in west Flagstaff a few years ago. Even the Riordan Ranch condos, built in the 1980s and ever popular with students because of their proximity to central campus, have not been able to hold their value in recent years.
Rents remain high, so now may be the time for long-term investors to jump in — if they haven’t already made the jump.
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