California investor acquires 226-unit Prescott Valley property from Scottsdale group
Phoenix, August 7, 2018 – Colliers International in Greater Phoenix sold The Terraces at Glassford Hill apartments in Prescott Valley to California-based Virtú Investments for $47.35 million, or $209,530 per unit.
“The Terraces is irreplaceable with its unique location positioned on top of Glassford Hill. The fantastic views overlooking Prescott Valley combined with Class A quality design provide consistently high occupancy coupled with strong rents. Virtú took the time to truly understand this dynamic asset and submarket,” said Brad Cooke, executive vice president with Colliers in Greater Phoenix.
The Cooke Team negotiated the sale transaction. Virtú Investments purchased the property from Bear Holdings Group, a Scottsdale-based real estate development and investment company. Bear Holdings Group has invested in more than 30 multi-family projects in Arizona, California, Indiana, Michigan and Nevada. Bear Holdings Group acquired the property in 2016, in cooperation with The Barone Group, a San Diego-based real estate investment company. Virtú Investments is based in Larkspur, CA and has acquired 112 assets, valued at more than $2 billion and totaling more than 200,000 apartment units over the last 17 years.
“The Cooke Team originally sold The Terraces to Bear Properties and has now sold two assets to Virtú. We are honored to be a part of both companies continued success,” said Cindy Cooke, senior executive vice president with Colliers.
The Terraces at Glassford Hill is a 226-unit, Class A luxury community at 5700 E. Market Street in Prescott Valley. The development was built in 2003, and features 18 residential buildings. The resort-style apartment community is situated on 16.13 acres of land and contains approximately 225,204 square feet of built space. The Terraces at Glassford Hill offers apartments ranging from studios to three-bedroom floor plans, with breathtaking views of Prescott Valley. The property is surrounded by 162 acres of mountain preserve and historically operates at or above 98 percent occupancy.
Residents of the community enjoy being walking distance from large retailers, such as Sprouts Farmers Market, Dicks Sporting Goods, TJ Maxx and Home Depot. The Terraces at Glassford Hill is located north of State Highway 69 and close to Interstate 17.
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