TerraCap Management, a real estate investment firm headquartered in Naples, Florida, has significantly expanded its presence in the Phoenix metropolitan area by acquiring the Tresa at Arrowhead apartment complex in Glendale, Arizona. The transaction, valued at $82.16 million, adds 360 units to TerraCap’s growing multifamily portfolio.
Key Takeaways
- A Florida-based real estate investment firm, TerraCap Management, has purchased the Tresa at Arrowhead apartment complex.
- The 360-unit multifamily property is located in Glendale, Arizona, a suburb of Phoenix.
- The acquisition was completed for $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 Tresa at Arrowhead apartments, situated at 17722 N. 79th Ave. in Glendale, represents a strategic addition to TerraCap Management’s investment strategy. The Phoenix area continues to be a target market for real estate investors due to its robust population growth and expanding economy.
This acquisition underscores TerraCap’s commitment to expanding its multifamily holdings, particularly in Sun Belt markets known for their strong rental demand and potential for appreciation. The per-unit price of $228,219 reflects the current market conditions and the quality of the asset.
Details of the Transaction
The deal involved the sale of the 360-unit Tresa at Arrowhead property by Hamilton Zanze & Co. to TerraCap Management. The total sale price was $82.16 million. This significant investment highlights the continued investor confidence in the Phoenix multifamily sector.