A Florida-based real estate investment firm has expanded its multifamily portfolio with the acquisition of a significant apartment development located in Glendale, Arizona, a suburb of Phoenix. The deal, valued at over $82 million, marks a strategic move for the investor in a growing Sun Belt market.
Key Takeaways
- TerraCap Management acquired the 360-unit Tresa at Arrowhead apartment property.
- The transaction was valued at $82.16 million, equating to $228,219 per unit.
- The seller was Hamilton Zanze & Co.
Strategic Acquisition in a Growing Market
TerraCap Management, headquartered in Naples, Florida, has successfully acquired the Tresa at Arrowhead, a substantial 360-unit multifamily property. The development is situated at 17722 N. 79th Ave. in Glendale, Arizona.
The acquisition from Hamilton Zanze & Co. was finalized for $82.16 million. This price translates to approximately $228,219 per unit, reflecting the strong demand and value of multifamily assets in the Phoenix metropolitan area.
Investment Outlook
The purchase underscores the continued investor interest in the Sun Belt region, particularly in well-established apartment communities that can cater to a growing population. Glendale’s proximity to Phoenix offers residents access to employment centers, entertainment, and amenities, making it an attractive location for multifamily investments.