Two Florida-based real estate investment firms have recently completed significant acquisitions, one securing the historic Mayflower Inn & Spa in Connecticut for $5.3 million, and the other purchasing a substantial apartment development near Phoenix for $82.16 million. These deals highlight continued investment in both luxury hospitality and the booming multifamily sector.
Key Takeaways
- DoveHill, based in Fort Lauderdale, acquired the Mayflower Inn & Spa property in Washington, Connecticut, for $5.3 million.
- TerraCap Management, headquartered in Naples, Florida, purchased the Tresa at Arrowhead apartment complex in Glendale, Arizona, for $82.16 million.
- The Mayflower Inn & Spa acquisition focuses on the luxury travel market, while the Phoenix deal targets the high-demand rental housing sector.
Mayflower Inn & Spa Acquisition
DoveHill has acquired the Mayflower Inn & Spa, a 35-room luxury property situated on 58 acres in the Litchfield Hills region of Connecticut. The sale price of $5.3 million reflects the real estate transaction and may not encompass the value of the hotel’s operating business. The property includes a 20,000-square-foot spa, two dining venues, and extensive gardens.
DoveHill’s founder and CEO, Jake Wurzak, stated that the firm intends to enhance the property while maintaining its distinctive character. The acquisition was driven by the ongoing demand from affluent travelers seeking high-end, drivable luxury escapes. Auberge Collection will continue to manage the Mayflower Inn & Spa under the new ownership. Notably, the property was previously sold for $9.5 million in 2013 and faced foreclosure in 2011.
Phoenix Apartment Development Purchase
In a separate transaction, TerraCap Management has acquired Tresa at Arrowhead, a 360-unit multifamily property located in Glendale, Arizona, a suburb of Phoenix. The deal, valued at $82.16 million, translates to $228,219 per unit. The seller in this transaction was Hamilton Zanze & Co.
This acquisition underscores the robust demand for rental housing in the Phoenix metropolitan area. TerraCap Management’s investment in this large apartment complex aligns with broader market trends favoring multifamily properties in growing Sun Belt cities.
Sources
- Florida firm acquires Mayflower Inn & Spa property for $5.3M, Hartford Business Journal.
- Florida-based real estate investment firm acquires apartment
development near Phoenix, CoStar.