TerraCap Management, a real estate investment firm headquartered in Naples, Florida, has expanded its multifamily portfolio with the acquisition of Tresa at Arrowhead, a 360-unit apartment development in Glendale, Arizona. The transaction, valued at $82.16 million, marks a significant investment in the growing Phoenix metropolitan area.
Key Takeaways
- A Florida-based real estate investment firm, TerraCap Management, has acquired the Tresa at Arrowhead apartment complex.
- The 360-unit property in Glendale, Arizona, was sold for $82.16 million.
- The per-unit price for the acquisition was $228,219.
Strategic Acquisition in a Growing Market
The Tresa at Arrowhead apartments, located at 17722 N. 79th Ave. in Glendale, Arizona, represents a substantial addition to TerraCap Management’s holdings. The deal, which saw the property change hands from Hamilton Zanze & Co., underscores the continued investor interest in the Sun Belt region, particularly in the rapidly expanding Phoenix market.
Investment Details
The acquisition price of $82.16 million translates to approximately $228,219 per unit. This figure reflects the strong demand and valuation of multifamily properties in desirable locations. Glendale, a suburb of Phoenix, offers a strategic position with access to employment centers, amenities, and transportation networks, making it an attractive area for residential development and investment.