Marcus & Millichap Real Estate Investment Services, has arranged the sale of The Terraces at Glassford Hills, a 226-unit apartment community located in Prescott Valley, Ariz. The asset commanded a sales price of $22,385,000.
Steve Gebing, a vice president investments and Cliff David, also a vice president investments, both in Marcus & Millichap’s Phoenix office, represented the seller, Aspen Square Management Inc.
Gebing and David also represented the buyer, Irvine, Calif.-based The Bascom Group in coordination with the group’s local affiliate, Bascom Arizona Ventures LLC, which is based in Scottsdale, Ariz.
“Nestled into the hillside of Glassford Hill, The Terraces offers unexpected grandeur with magnificent views of the valley’s rolling hills,” says Gebing. “Bascom is poised to recapitalize the community with exterior and interior renovations, ultimately equipping The Terraces at Glassford Hills with the finest amenity package in Prescott Valley, a market with significant barriers to new entry and healthy operating fundamentals.”
The Terraces at Glassford Hills provides residents with top-of-the-line, resort-style amenities and well-appointed one-, two- and three-bedroom apartment homes. Developed in 2003, the property features a clubhouse/leasing office with a resort-style heated swimming pool and a zero-edge Jacuzzi with high-end water features. Other community amenities include a 24-hour fitness center, a business center with Wi-Fi and internet services, barbecue grills and detached garages.
“The Terraces at Glassford Hills offers the comfort of private and pristine living in the mile-high city of Prescott Valley with all the conveniences of city life just minutes away and hiking and golf right around the corner,” adds David. “Yavapai College, Embry-Riddle Aeronautical University and Prescott College are also close by.”
The property is located at 5700 East Market St. in Prescott Valley.