Phoenix, August, 2018 – The Terraces at Glassford Hill apartments in Prescott Valley have been sold to California-based Virtú Investments for $47,350,000 which is $209,530 per unit.
“The Terraces is irreplaceable with it’s unique location positioned on top of Glassford Hill. The fantastic views overlooking Prescott Valley combined with Class A quality design provides 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 International in Greater Phoenix
The Cooke Team negotiated the sale transaction. The company 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 $2.0B, totaling more than 200,000 apartment units over the last seventeen years.
“The Cooke Team originally sold The Terraces to Bear Properties and now has sold two assets to Virtú. We are honored to be a part of both companies continued success,” according to Cindy Cooke, senior executive vice president with Colliers International in Greater Phoenix.
The Terraces at Glassford Hill is a 226-unit, Class A luxury community 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 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% 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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About Bear Holdings Group LLC
Bear Holdings Group, based in Scottsdale, AZ, provides project sponsorship, joint venture and investment opportunities for multifamily construction, acquisition, conversion and rehabilitation. With expertise that includes fund creation, project sponsorship, and asset management tailored to partnership objectives, Bear Holdings Group currently has interests in dozens of multifamily properties through five states. Contact Bear Holdings Group today at firstname.lastname@example.org.
About Colliers International Group Inc.
Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 13,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $20 billion of assets under management from the world’s most respected institutional real estate investors.
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Colliers International in Greater Phoenix has served clients locally and globally for more than 35 years.