Northland Acquires Parke Place in Prescott Valley and Diversifies Portfolio to Include Single Family Rentals
Prominent multifamily owner and operator purchases its second community in the Prescott market, offering highly sought-after standalone rental homes
PRESCOTT VALLEY, AZ (January 25, 2022) – Northland announced the acquisition of Parke Place, a newly constructed residential community in Prescott Valley, Arizona, that offers standalone residences, a new asset class for the firm. This strategic investment leverages the historic demand for “build to rent homes,” currently one of the best performing housing asset classes in the United States. Parke Place features 145 modern single-family rental homes and duplexes with one-, two-, and three-bedroom options in standalone and side-by-side style buildings. The property also offers private fenced in yards to maximize residents’ outdoor space and well-appointed amenities. Parke Place marks Northland’s seventh community in Arizona and its second in the Prescott market following the acquisition of the nearby Homestead Talking Glass apartment community in November 2021.
Parke Place spans 13 sprawling acres, creating a private neighborhood with plenty of open space for residents to enjoy. Each spacious apartment features ten-foot ceilings, stainless-steel energy efficient appliances, granite countertops, wood flooring, recessed lighting, side-by-side washers and dryers, walk-in closets with built-in shelving, sliding glass doors with access to private backyards, and ceiling fans in living areas and bedrooms. Amenities include a resort-style swimming pool and spa with a poolside lounge area and grilling stations, a dog park and pet spa, and an outdoor entertainment area with lounge seating and lawn games.
“We’re thrilled to continue the expansion of Northland’s portfolio in thriving northern Arizona,” said Mike Campbell, Northland’s Associate Vice President of Investments. “Parke Place is an ideal addition to our residential portfolio as it provides a unique blend of single-family living within an amenity-rich community. Not only does Prescott continue to see strong economic activity, the area also offers residents the opportunity to enjoy an active downtown lifestyle amidst Arizona’s stunning landscape.”
Parke Place’s central location in downtown Prescott Valley’s Entertainment District offers walkable access to the city’s eclectic shopping, dining, and entertainment options including the Findlay Toyota Center, a 6,200-seat sports and event venue.
Northland owns and operates six other properties in Arizona, including Homestead Talking Glass in Prescott Valley, the Villas at San Dorado and The Canyons at Linda Vista Trail in Oro Valley, and Pima Canyon, Promontory, and Hilands in Tucson.