THE PALMER

The Scarcity

0

Total multifamily units in the entire Prescott metropolitan area.

0 Residents

30 years. ±120,000 new residents. Fewer than 2,500 multifamily units delivered.

Location

Three miles east of Whiskey Row,
inside the highest-value residential corridor in the metro.

Click the map to enable scroll zoom · Tap any marker for detail

Close enough to draw from Phoenix. Far enough to be a different place.

Prescott sits at 5,300+ feet, more than 4,000 feet above the Valley floor — roughly twenty degrees cooler in summer, with four true seasons and 300+ days of sunshine. The metro captures Phoenix retirees, remote executives and second-home buyers without competing on Phoenix supply.

Barriers to Entry

Scarcity here is structural,
not cyclical.

Six independent constraints keep new multifamily out of Prescott. Each one is durable. Together they are close to prohibitive — which is precisely what makes an entitled site worth holding.

Restrictive zoning

The entitlement map overwhelmingly favors detached single-family. Multifamily-zoned acreage is a rounding error in the city's land inventory.

Organized resistance

Density proposals meet coordinated neighborhood opposition. Hearing calendars stretch, conditions accumulate, and most attempts die before entitlement.

Stringent water policy

Assured water supply rules govern every new unit. Designation and allocation are gating items long before a shovel moves.

Scarce developable land

The metro is hemmed in by Prescott National Forest, tribal land and protected open space. Contiguous, servable acreage of scale rarely comes available.

Granite and caliche

Subsurface granite and caliche require geotechnical study, engineered foundations and rock-aware sitework. Merchant builders underwrite the risk and walk.

Impact fees quadrupled

The city's recent fee schedule multiplied per-unit impact costs roughly fourfold, pushing marginal new projects below the line at underwriting.

The site was secured off-market, from an owner who had held the land for more than four decades.

Land control · Off-market

Occupancy Proof

Six years of new supply.
Occupancy never left the mid-nineties.

Stabilized occupancy across the Prescott market has averaged ±95.6% since 2020 and stands at ±95.2% today. Winfield at the Ranch — developed by Tanbic, and still managed by Stellar Residential today under new ownership — held ±94.8% average occupancy since stabilizing, through the largest supply wave the metro has ever absorbed.

Stabilized occupancy Winfield at the Ranch · ±94.8% average Including properties in lease-up

1,135 new units were delivered into the Prescott market between 2021 and 2024. Stabilized occupancy never broke below 93.9% across that wave, while Winfield at the Ranch held ±94.8% average occupancy following its December 2020 stabilization.

Stabilized occupancy counts properties at or above 85% occupancy; the lease-up series includes properties still in initial lease-up, which is what drives the 2024 dip. Source: Colliers & CoStar, 2025.

Winfield at the Ranch

The same team, on the same submarket, still on site.

Tanbic developed Winfield at the Ranch and Stellar Residential led its lease-up. The asset has since traded, and Stellar was retained by the new owner — so the operating history behind The Palmer isn't a closed chapter. It is a property the same management team runs today, three miles from this site.

Affluence

The wealthiest metro in Arizona,
and the oldest.

±$0Household net worth · +22% vs. Phoenix MSA

±0Median age · Oldest MSA in Arizona

0Businesses

0Employees

0%10-year average unemployment

No. 1 Wealthiest MSA in Arizona · ESRI No. 1 Safest Metro in Arizona · AZ DPS No. 2 Best Place to Retire in the U.S. · WSJ No. 3 Job Growth & Economic Vitality · INC No. 5 Fastest Growing Small Metro · Forbes No. 9 Wealthiest & Safest Retirement Towns · GoBankingRates

Dignity Health±2,470

Yavapai County Government±1,560

Veterans Affairs±1,270

Sturm Ruger±800

Humboldt USD #22±690

Yavapai College±660

Embry-Riddle Aeronautical University±550

Prescott USD #1±510

Peer Markets

Larger than every mountain peer.
Warmer than all of them.
And far less known.

Bozeman, Park City, Steamboat, Durango, Glenwood Springs, Flagstaff, Santa Fe — capital knows these names and underwrites them accordingly. Prescott is larger than all of them and warmer than all of them. Against the full Western lifestyle set it sits above the market average on both population (±198,817) and climate (±52.9°F), and still trades outside the institutional conversation.

Horizontal: metro population. Vertical: average annual temperature (°F). Hover or tap any point for detail.

Lifestyle

A mile high, with a Costco.

Watson Lake and the Granite Dells at dusk — Watson Lake · Granite Dells

Red rock formations near Sedona — Sedona · one hour north

Lake and pines in the Prescott National Forest — Prescott National Forest

Goldwater Lake under snow — Goldwater Lake · four true seasons

The Highlands Center for Natural History — Highlands Center

A roper competing at the World's Oldest Rodeo — World's Oldest Rodeo

Talking Rock Country Club golf course — Talking Rock Country Club

The Palmer at ±5,800 ft ±55.6°F average 300+ days of sunshine Four true seasons 60 minutes to Phoenix Costco and Trader Joe's within minutes Historic Whiskey Row

The Ranch at Prescott · aerial

The Ranch at Prescott

Bullwhacker Ranch,
reimagined in 1987.

One thousand acres in the Bradshaw Mountains, three miles east of downtown, transformed from a working cattle ranch into one of Arizona's most established custom-home communities. Large lots, deep setbacks, open space and wildlife on every boundary. The Palmer sits directly adjacent.

Total acreage: 1,000 acres
Homesites: 950
Elevation range: 5,500 – 6,100 ft
Distance to downtown: 3 miles
Established: 1987

The view east from the site

Schematic elevation profile · vertical scale exaggerated · not a survey

The Asset

209 units on 13.93 acres,
with sixty-mile vistas.

Product type: Type-V elevator low-rise
Units: 209
Site: 13.93 acres
Entitlement: Fully entitled · MF-M BR
Average gross: ±1,326 SF
Average net: ±933 SF
Parking: 378 spaces · 1.81 per unit
Tax parcel: 103-20-596S
Jurisdiction: City of Prescott · Yavapai County
Elevation: ±5,800 ft · 60-mile vistas

The Team

Vertically integrated,
and already operating in this market.

A vertically integrated real estate platform with in-house development, property management, repositioning and lease-up.

Founder and Chief Executive Officer Tanner Bickelhaupt brings 21+ years of multifamily investment and development experience across Arizona, Texas, Oklahoma and Nevada, with a track record spanning 61 properties and 11,529 units.

More than 45,000 units leased across the Sunbelt on behalf of Prudential, UBS, Wood Partners, Trammell Crow Residential, Triumph and Empire. Approximately 5,000 units under management with another 2,000 in pipeline.

Co-founded by Tanner Bickelhaupt and Dale Phillips, former President of Mark-Taylor Residential.

In Prescott, Stellar led the lease-up of Winfield at the Ranch, which at the time of sale achieved the highest price per unit ever paid for a garden-style asset in Arizona. Stellar was retained by the buyer and still manages the property today, giving the team continuous, current operating data in this submarket.

Brian M. Andersen, AIA, Principal. LEED accredited and a member of the U.S. Green Building Council. Licensed in Arizona, Colorado, Massachusetts, Nevada, Texas, Utah and Washington.

Serves on the Arizona Board of Technical Registration Enforcement Advisory Committee, and on the Town of Gilbert Planning & Zoning Commission as Vice Chairman. Former Chairman of the Gilbert Design Review Board.

Anderson Design Company — landscape architecture.

Granite Basin Engineers — civil engineering, including the site improvement plans and the granite and caliche geotechnical work the Prescott market demands.

Three miles east of Whiskey Row,inside the highest-value residential corridor in the metro.

Close enough to draw from Phoenix. Far enough to be a different place.

Scarcity here is structural,not cyclical.

Restrictive zoning

Organized resistance

Stringent water policy

Scarce developable land

Granite and caliche

Impact fees quadrupled

Six years of new supply.Occupancy never left the mid-nineties.

The same team, on the same submarket, still on site.

The wealthiest metro in Arizona,and the oldest.

Larger than every mountain peer.Warmer than all of them.And far less known.

A mile high, with a Costco.

Bullwhacker Ranch,reimagined in 1987.

209 units on 13.93 acres,with sixty-mile vistas.

Vertically integrated,and already operating in this market.

For more on The Palmer.