The Florida State Board of Administration is set to introduce a new construction financing program aimed at bolstering real estate investments. This initiative coincides with a significant acquisition by a Florida-based firm, TerraCap Management, which has purchased a substantial apartment development near Phoenix, Arizona, for $82.16 million.
Key Takeaways
- Florida State Board of Administration is launching a new real estate financing program.
- TerraCap Management, a Florida-based firm, acquired a 360-unit apartment complex near Phoenix.
- The acquisition price was $82.16 million, equating to $228,219 per unit.
New Financing Program for Real Estate Investments
The Florida State Board of Administration is preparing to roll out a new program designed to provide financing for real estate construction projects. This strategic move by the state board aims to stimulate development and investment within the real estate sector, potentially creating new opportunities for developers and investors alike.
Florida Firm Acquires Phoenix Apartment Development
In a separate but notable transaction, TerraCap Management, a real estate investment firm headquartered in Naples, Florida, has successfully acquired the Tresa at Arrowhead apartment complex. Located in Glendale, Arizona, a suburb of Phoenix, the property comprises 360 units.
The sale was finalized with Hamilton Zanze & Co. as the seller. The transaction valued the Tresa at Arrowhead development at $82.16 million. This figure breaks down to an average of $228,219 per unit, reflecting the strong market value of multifamily properties in the burgeoning Phoenix metropolitan area.
Sources
- Florida State Board of Administration to launch new construction financing program for real estate
investments, Pensions & Investments. - Florida-based real estate investment firm acquires apartment development near Phoenix, CoStar.