Virtú Investments Acquires The Terraces at Glassford Hill in Prescott Valley, AZ
*Prescott Valley, AZ*— The Evergreen Fund purchased The Terraces at Glassford Hill, a 226-unit multifamily property in Prescott Valley, roughly 90 minutes north of Phoenix. This purchase presented an opportunity to acquire a newer multifamily property with value-add upside in an irreplaceable hilltop location. The Terraces offers larger floorplans in a resort-like setting, with expansive views, in a market that is seeing tremendous growth.
The Terraces is in the city of Prescott Valley, just north of Phoenix. The Prescott MSA has a population of 225,000 and has seen an increase of 76% since 2000. As rents and city congestion continue to increase across California and Arizona, many retirees and renters are choosing to move to Prescott Valley for its quality of life. Situated at over 5,000 feet of elevation, with clean air, large open spaces and lakes for hiking, biking, and outdoor activities, and average temperatures that are similar to California and more enjoyable than Phoenix, the Prescott MSA is regularly listed as a top place to retire or live.
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