Cushman & Wakefield Negotiates Sale of 150-Unit Class A Apartment Community
PHOENIX, ARIZ. – Cushman & Wakefield completed the sale of Legacy at Prescott Lakes, located at 1998 Prescott Lakes Parkway in Prescott, Ariz. Long Beach-based NNC Apartment Ventures, purchased the property from an entity formed by Phoenix-based Clear Sky Capital for $30.25 million.
Executive Managing Directors David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller.
Legacy at Prescott Lakes is a 150-unit Class A, garden-style luxury rental community located within the master-planned community of Prescott Lakes. Prescott Lakes is one of Prescott’s premiere master-planned communities featuring an 18-hole championship golf course and 12 acres of lakes and open spaces. The community is also conveniently located near shopping, dining and entertainment venues, as well as Prescott’s historic downtown area.
The community offers a mix of one-, two, and three-bedroom floor plans at an average size of 955 square feet. Each apartment features gas fireplaces, washer/dryer, air conditioning, patios/balconies, walk-in closets, ceiling fans, frost-free refrigerators and microwave ovens. The property’s amenity set includes a clubhouse with a wraparound porch, heated swimming pool and spa, resident business center, 24-hour fitness center, carports, garages and barbecues.
“The Legacy at Prescott Lakes is a Class “A” community with excellent value add potential in a market with a very limited supply of Class “A” multifamily units,” said Fogler.
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