TerraCap Management, a real estate investment firm headquartered in Naples, Florida, has finalized the acquisition of Tresa at Arrowhead, a significant multifamily property located in Glendale, Arizona. The deal, valued at $82.16 million, adds 360 units to TerraCap’s portfolio, reflecting a per-unit price of $228,219.
Key Takeaways
- A Florida-based real estate investment firm has purchased a 360-unit apartment development near Phoenix.
- The acquisition price for Tresa at Arrowhead was $82.16 million.
- The per-unit cost of the transaction was $228,219.
Strategic Acquisition in a Growing Market
The acquisition of Tresa at Arrowhead marks a strategic expansion for TerraCap Management into the dynamic Phoenix metropolitan area. The 360-unit property is situated at 17722 N. 79th Ave. in Glendale, a suburb experiencing considerable growth and demand for housing.
Transaction Details
The transaction involved TerraCap Management acquiring the property from Hamilton Zanze & Co. The total sale price of $82.16 million underscores the robust value of multifamily assets in the region. The per-unit valuation of $228,219 indicates a competitive market for well-positioned apartment communities.
About the Properties and Firms
Tresa at Arrowhead is a multifamily development contributing a substantial number of residential units to the Glendale area. TerraCap Management, the acquiring entity, is a real estate investment firm based in Florida, known for its strategic investments in various property sectors. Hamilton Zanze & Co. was the seller in this significant transaction.