PRESCOTT, AZ-In its most recent regional buy, Bascom Arizona Ventures, a subsidiary of Bascom Group LLC, acquired the 226-unit Terraces at Glassford Hill in an off-market transaction. Bascom forked over $22.3 million to Aspen Square for the class A multifamily property.
Built in 2003, the property at 5700 Market St. consists of 10 two-story residential buildings and a clubhouse/leasing office. Other amenities include a 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.” Bascom Arizona’s asset manager Bill Wright says renovations are planned for the property, including exterior and interior upgrades.
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 Real Estate Investment Services represented the buyer and seller on this transaction.