TerraCap Management, a real estate investment firm headquartered in Naples, Florida, has expanded its portfolio with the acquisition of Tresa at Arrowhead, a significant apartment development located in Glendale, Arizona, a suburb of Phoenix. The transaction, valued at $82.16 million, adds 360 units to the firm’s growing multifamily holdings.
Key Takeaways
- Florida-based TerraCap Management acquired the 360-unit Tresa at Arrowhead apartment complex in Glendale, Arizona.
- The sale price was $82.16 million, equating to $228,219 per unit.
- The seller in the transaction was Hamilton Zanze & Co.
Strategic Acquisition in a Growing Market
The acquisition of Tresa at Arrowhead marks a strategic move by TerraCap Management into the dynamic Phoenix metropolitan area. The 360-unit property, situated at 17722 N. 79th Ave. in Glendale, represents a substantial addition to the firm’s real estate investment trust (REIT) portfolio.
Deal Details
The multifamily property was sold by Hamilton Zanze & Co. for a total of $82.16 million. This figure breaks down to approximately $228,219 per unit, reflecting the strong market value and demand for residential properties in the region. The transaction underscores the continued investor interest in the Sun Belt’s expanding real estate markets.
About the Companies
TerraCap Management is a real estate investment firm known for its strategic acquisitions across various property types. Hamilton Zanze & Co. is a real estate investment company that has been active in the market. This deal highlights the ongoing activity within the multifamily sector, particularly in high-growth metropolitan areas like Phoenix.