TerraCap Management has expanded its multifamily holdings with the acquisition of Tresa at Arrowhead Apartments, a 360-unit rental community in Glendale. The property was sold by Hamilton Zanze & Co. for $82.2 million, which equates to approximately $228,220 per unit.
According to reporting cited from Commercial Edge, TerraCap secured a $53.4 million Fannie Mae loan in connection with the purchase. The loan was originated by CBRE Capital Markets. The community last changed hands a decade ago, when Hamilton Zanze acquired it from Independence Realty Trust for $47 million, marking a substantial increase in pricing over the prior transaction.
Tresa at Arrowhead Apartments is located at 17722 N. 79th Ave., within walking distance of the Arrowhead Towne Center shopping mall. The proximity to the regional retail hub positions the community near a concentration of shopping, dining and service amenities for residents.
Delivered in 1998, the garden-style property consists of 53 one- and two-story residential buildings spread across 19 acres. The upgraded units feature private balconies or patios and walk-in closets, reflecting interior improvements completed at the community.
Shared amenities at Tresa at Arrowhead include a fitness center, three swimming pools with spas, a clubhouse and a business center. Residents also have access to a sundeck, game room, barbecue and picnic area, dry sauna and dog park, providing a wide range of recreational and lifestyle options on site.
CBRE’s Matt Pesch and Asher Gunter, along with Austin Groen, represented Hamilton Zanze in the disposition. In a separate note, Connect CRE highlighted its upcoming Connect Phoenix Multifamily, SFR & BTR conference on April 8, where industry participants plan to discuss metro-level dynamics such as uneven absorption, new deliveries, rent trends and expectations for fundamentals over the next 12 to 24 months.
