Colliers International in Greater Phoenix negotiated the sale of The Terraces at Glassford Hill apartments at 5700 E. Market St. in Prescott Valley, AZ.
“This remarkable asset is situated on Glassford Hill giving the tenants picturesque views of Prescott. The unique location and the quality of the apartment community created a highly desirable community among renters and investors,” says Cindy Cooke, senior executive vice president with Colliers International in Greater Phoenix. “The population in the area grew 68 percent from 2010-2013 and Money Magazine recognized Prescott as one of the “Best Places to Live.”
Cindy Cooke and Senior Vice President Brad Cooke negotiated the sale of the property on behalf of seller The Bascom Group. The buyer was Bear Holdings Group and this was its first acquisition in the Prescott market. Financing was arranged by Duke Stone, president of Churchill Capital Company LLC of Dallas.
The Terraces at Glassford Hill was originally constructed in 2003 and significantly updated in 2013. The community features 18 residential buildings of two and three-story, garden-style structures. The 226 condominium-style apartments range from studios to three-bedroom/two bath configurations. The property, which totals 225,204 square feet, was 97 percent occupied at the time of the sale.
Residents at the community benefit from expansive floor plans featuring vaulted ceilings, gas fireplaces, extra storage, built-in microwaves and in-unit washer and dryers. Renovated interiors include granite countertops, crown molding, and undercounter sinks with pull out faucets and vinyl-plank flooring. There are 56 private, attached garages and a total of 359 parking spaces.
The Terraces at Glassford Hill offers a resort-style heated pool with waterfalls and a zero edge jacuzzi. The community includes three outdoor televisions and an Entertainment Bar, as well as a gas BBQ area and Bocce Ball. Residents enjoy a full clubhouse and business center, as well as a 24-hour, state-of-the-art Fitness Center.
The Terraces at Glassford Hill, situated on 16.13 acres, features views of the Mingus and Bradshaw mountains and is within walking distance of many large retailers. The community is located just north of State Highway 69 and close to Interstate 17. It is conveniently situated just 10 minutes from Northcentral University, NAU-Yavapai College and Embry Riddle Aeronautical University.
