PRESCOTT VALLEY, AZ-Bascom Arizona Ventures has acquired The Terraces at Glassford Hill Apartments, a 226-unit luxury community located in Prescott Valley for $22.385M or $99,049 per unit. Bascom Arizona Ventures worked with Brian Eisendrath and Brandon Smith of CBRE to arrange the financing for the off-market purchase. Steve Gebing and Cliff David from Marcus & Millichap represented the buyer and seller on the transaction.

Built in 2003, the property consists of ten two-story residential buildings and one clubhouse/leasing office, with a resort-style, heated swimming pool, and a zero edge Jacuzzi with water features. Other amenities include a state-of-the-art 24-hour fitness center, a city park, business center with free Internet services, barbecue grills, and detached garages.

“The Terraces at Glassford Hill, provided Bascom with a unique off-market acquisition of a class A apartment community in a market that has very high occupancy and limited new construction,” says Mark Brotherton, portfolio manager for Bascom Arizona. “We are excited about our newest acquisition and look forward to commencing our value add program as soon as possible for our residents. The Terraces at Glassford Hill Apartments is our 11th acquisition that we have completed in the past 12 months in the state of Arizona.”