Undersupplied Prescott Fits the Bill for Investors
Two luxury apartment communities in Prescott totaling 326 units recently sold for $111.6 million. Terraces, 5700 E. Market St., and Winfield at the Ranch, 3470 Lee Circle, attracted investors who are gravitating to the growing Prescott market.
“The Prescott-Prescott Valley market has exceptional investment drivers stemming from the quality of life and immense barriers to entry, keeping it a very tight market that has largely outperformed that of Phoenix,” says Matt Roach, vice president with Colliers Arizona. “Situated at 5,400-foot elevation, the climate averages 21 degrees cooler than that of Phoenix and is a paradise for those seeking an active outdoor-oriented lifestyle. High construction costs and limited suitable land for development has created a market that is considerably undersupplied.”
Virtu Investments of Larkspur, CA sold the Terraces property to JRK Investors Inc. of Los Angeles for a price of $76.6 million. The Tanbic Co. of Scottsdale, AZ sold Winfield at the Ranch to FSO Real Estate Services LLC of Phoenix for $35 million. Both transactions were handled by Brad Cooke, Matt Roach, Cindy Cooke and Chris Roach of the Cooke multifamily team with Colliers in Arizona.
Terraces was constructed in 2003 and contains 226 apartment homes averaging 996 square feet. Winfield at the Ranch was constructed in 2020.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.