Naples, Florida-based TerraCap Management has significantly expanded its multifamily portfolio with the acquisition of Tresa at Arrowhead, a 360-unit apartment complex in Glendale, Arizona. The deal, valued at $82.16 million, underscores the continued investor interest in the burgeoning Phoenix metropolitan area’s rental market.
Key Takeaways
- TerraCap Management, a Florida real estate investment firm, acquired the Tresa at Arrowhead apartment property.
- The 360-unit multifamily development is located in Glendale, Arizona.
- The transaction was valued at $82.16 million, equating to $228,219 per unit.
- The seller in this transaction was Hamilton Zanze & Co.
Strategic Acquisition in a Growing Market
TerraCap Management’s latest acquisition, Tresa at Arrowhead, is strategically located in Glendale, a suburb of Phoenix. The 360-unit property was purchased from Hamilton Zanze & Co. for $82.16 million. This price reflects a per-unit cost of $228,219, indicating a strong market valuation for well-positioned multifamily assets in the region.
Investor Confidence in Phoenix
The acquisition highlights the sustained appeal of the Phoenix metropolitan area for real estate investors. The region’s robust economic growth and increasing population continue to drive demand for rental housing, making it an attractive market for both established firms like TerraCap and other investors seeking stable returns. The Tresa at Arrowhead property is situated at 17722 N. 79th Ave. in Glendale.