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| Terraces at Glassford Hills, 5700 East Market Street, Prescott Valley, AZ |
PRESCOTT VALLEY, AZ, July 30, 2013 – 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. The property is located
at 5700 East Market St. in Prescott Valley.
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| Steve Gebing |
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.
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| Cliff David |
“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 state-of-the-art 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.”
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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