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Bascom Arizona Buys 226-Unit Luxury Apartment Complex

PRESCOTT VALLEY, AZ-CBRE arranged the financing for The Terrraces at Glassford Hill. Buyer says upgrades are planned.

By David Phillips | Updated on July 19, 2013

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.

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