Terraces and Winfield at the Ranch attract luxury-focused investors
“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 of the Cooke Multifamily Team with Colliers in Arizona. “Situated at 5,400’ 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 created a market that is considerably undersupplied.”
Virtu Investments of Larkspur, California sold the Terraces property to JRK Investors, Inc. of Los Angeles, California for a price of $76.6 million. The Tanbic Co. of Scottsdale, Arizona sold Winfield at the Ranch to FSO REAL ESTATE SERVICES LLC of Phoenix, Arizona 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. The luxury units included are a mixture of one-, two- and three-bedroom configurations. The property contains 225,204 square feet of space and features 56 detached garages. The garden style community offers a heated pool with waterfall features and a zero-edge jacuzzi. A dog park, barbecue area and outdoor lounge are other amenities included in the property. The complex overlooks breathtaking views of the Black Hills and Bradshaw Mountains.
Winfield at the Ranch was constructed in 2020 and is a quintessential luxury community combining upscale living with fabulous views of the surrounding Bradshaw Mountain Range. The property features 100 units in one- and two-bedroom floor plans averaging 909 square feet each. Each unit offers granite countertops, modern cabinetry, stainless steel appliances, and a private patio/balcony. The community offers residents a stand-alone leasing and fitness center, elaborate pool and poolside jacuzzi, detached garages, community fire pits, pet play area, barbecue gas grills and parcel delivery lockers. The community buildings total 227,819 square feet of space on a 5.23-acre parcel.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.
Colliers in Arizona has served clients locally and globally for more than 40 years.