Colliers in Arizona has completed the sale of two luxury apartment communities in Prescott, totaling 326 units for $111.6 million. Terraces, 5700 E. Market St., and Winfield at the Ranch, 3470 Lee Circle, attracted investors who were attracted to the growing Prescott market and these high-quality assets.
“The Prescott-Prescott Valley market has exceptional investment drivers stemming from the quality of life and immense barriers to entry, keeping it a very tight market that has largely outperformed that of Phoenix,” says Matt Roach, vice president of the Cooke Multifamily Team with Colliers Arizona. “Situated at 5,400’ elevation, the climate averages 21 degrees cooler than that of Phoenix, and is a paradise for those seeking an active, outdoor-oriented lifestyle. High construction costs and limited suitable land for development has created a market that is considerably undersupplied.”
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Virtu Investments of Larkspur, CA sold the Terraces property to JRK Investors, Inc. of Los Angeles, CA for a price of $76.6 million. The Tanbic Co. of Scottsdale, AZ sold Winfield at the Ranch to FSO REAL ESTATE SERVICES LLC of Phoenix, AZ for $35 million. Both transactions were handled by Brad Cooke, Matt Roach, Cindy Cooke and Chris Roach of the Cooke Multifamily Team with Colliers in Arizona.
Terraces was constructed in 2003 and contains 226 apartment homes averaging 996 square feet. The luxury units included are a mixture of one-, two- and three-bedroom configurations. The property contains 225,204 square feet of space and features 56 detached garages. The garden style community offers a heated pool with waterfall features and a zero-edge jacuzzi. A dog park, barbecue area and outdoor lounge are other amenities included in the property. The complex overlooks breathtaking views of the Black Hills and Bradshaw Mountains.
Winfield at the Ranch was constructed in 2020 and is a quintessential luxury community combining upscale living with fabulous views of the surrounding Bradshaw Mountain Range. The property features 100 units in one- and two-bedroom floorplans averaging 909 square feet each. Each unit offers granite countertops, modern cabinetry, stainless steel appliances, and private patio/balcony. The community offers residents a stand-along leasing and fitness center, elaborate pool and poolside jacuzzi, detached garages, community fire pits, pet play area, barbecue gas grills and parcel delivery lockers. The community buildings total 227,819 square feet of space on a 5.23-acre parcel.
