California investment firm pays $47,350,000 for The Terraces at Glassford Hill in Prescott Valley
The Terraces at Glassford Hill apartments in Prescott Valley have been sold to California-based Virtú Investments for $47,350,000.
The previous owner, Bear Holdings Group, a Scottsdale-based real estate development and investment company, had purchased the property in 2016 for $35,382,000, according to the Yavapai County Assessor’s Office. The company decided it was time to cash in on the investment, said Brad Cooke, who helped broker the deal through Colliers International in Phoenix.
“Beside just the value already increasing, [Bear Holdings] just executed their business plan already,” Cooke said Tuesday.
And Virtú Investments was interested in acquiring the property because they felt there’s potential for its value to increase even further, Cooke said.
“They believe in that market, they believe that market will continue to grow, and they want to put their flag in the ground,” Cooke said.
“Virtú plans on putting capital into the asset and renovating units.”
The deal was finalized on Monday, July 30.
Ben Hooper, the Economic Development Coordinator for the Town of Prescott Valley, said this sort of transaction is certainly a positive thing for the town.
“The fact that it appreciated in value just goes to show how strong our multi-family housing and general real-estate market is around here,” Hooper said.
The Terraces at Glassford Hill is a 226-unit apartment complex located at 5700 E. Market St. 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 about 225,204 square feet of built space. Historically, it averages about 98 percent occupancy.
Follow Max Efrein on Twitter @mefrein, email him at email@example.com or call him at 928-445-3333 ext. 1105.