PRESCOTT, Ariz., July 25, 2013 /PRNewswire/ -- Bascom Arizona Ventures has acquired The Terraces at Glassford Hill Apartments, an off-market, 226-unit luxury community located in Prescott Valley, Arizona 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 purchase. Steve Gebing and Cliff David from Marcus & Millichap represented the buyer and seller on this 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 offers its tenants the comfort of private and pristine living in the mile high city of Prescott Valley, but all the services and conveniences of city life just minutes away.
Mark Brotherton, Portfolio Manager for Bascom Arizona, comments, "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. 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".
Bill Wright, Asset Manager for Bascom Arizona Ventures, adds, "Bascom will recapitalize the property with exterior and interior renovations which will equip The Terraces with the finest amenity package in Prescott. The pool, clubhouse, and cyber cafe will be something not seen before in this community. The property will be state-of-the-art and we look forward to creating value for our new residents."
About The Bascom Group, LLC: The Bascom Group, LLC (http://www.bascomgroup.com) is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom has completed over $8.0 billion in multi-family and commercial value-added transactions since 1996 including more than 230 multifamily properties and 60,000 units. Bascom currently ranks among the top 50 multifamily owners in the US. Bascom's subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Investors, Bascom Northwest Ventures, Bascom Arizona Ventures, and the Realm Group. Bascom's subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the US.
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SOURCE The Bascom Group, LLC