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. 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 development.
- The acquisition involved 360 units and was valued at $82.16 million.
- The property is located in Glendale, Arizona, a suburb of Phoenix.
Strategic Acquisition in a Growing Market
The Tresa at Arrowhead property, located at 17722 N. 79th Ave. in Glendale, Arizona, represents a strategic addition to TerraCap Management’s investment strategy. The deal, which closed at $82.16 million, translates to a per-unit price of $228,219. This acquisition underscores the continued investor interest in the Sun Belt region, particularly in rapidly developing metropolitan areas like Phoenix.
Details of the Transaction
The seller in this transaction was Hamilton Zanze & Co. The Tresa at Arrowhead complex offers 360 apartment units, making it a substantial property within the Glendale submarket. The acquisition price reflects the strong demand and valuation of multifamily assets in the Phoenix area, which has experienced significant population and economic growth in recent years.
TerraCap Management’s Portfolio Growth
This latest acquisition by TerraCap Management aligns with the firm’s objective to acquire and manage high-quality real estate assets. The company, based in Naples, Florida, has been actively investing in various real estate sectors, with a notable focus on multifamily properties. The purchase of Tresa at Arrowhead is a testament to their confidence in the long-term prospects of the Phoenix rental market.