TerraCap Pays $82M for Phoenix Asset
The buyer took out a Fannie Mae loan for this acquisition.
TerraCap Management has acquired Tresa at Arrowhead Apartments, a 360-unit community in Glendale, Ariz. Hamilton Zanze & Co. sold the asset for $82.2 million, according to Yardi Matrix information, or about $228,220 per unit.
The buyer took out a $53.4 million Fannie Mae loan, originated by CBRE Capital Markets, the same data provider shows. Avenue5 Residential was tapped as property manager, while CBRE brokered the deal on behalf of the seller.
The community previously traded 10 years ago, when Hamilton Zanze acquired the asset from Independence Realty Trust for $47 million.
Located at 17722 N. 79th Ave., the property is within walking distance of the Arrowhead Towne Center shopping mall. Downtown Phoenix is about 26 miles away, while Phoenix Sky Harbor International Airport is 29 miles southeast.
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Completed in 1998, Tresa at Arrowhead Apartments comprises 53 one- and two-story residential buildings across 19 acres. The unit mix consists of one-, two- and three-bedroom floorplans ranging from 638 to 1,353 square feet. The upgraded apartments have private balconies or patios and walk-in closets.
Common-area amenities include a fitness center, three swimming pools with spas, a clubhouse and a business center. The community also encompasses a sundeck, game room, barbecue and picnic area, dry sauna and dog park.
CBRE Vice Chairmen Matt Pesch and Asher Gunter, along with Senior Vice President Austin Groen, represented the seller.
Phoenix sales rise year-over-year
Multifamily sales in Phoenix totaled almost $4.4 billion last year, from the 87 properties encompassing almost 17,800 units that traded, according to Yardi Matrix. This figure was considerably above the $3.7 billion registered in 2024, when 69 assets—15,835 apartments—were sold. Nationally, the U.S. multifamily transaction volume in 2025 increased 10 percent year-over-year.
In one of the most notable single-asset deals in the metro last year, Covenant Capital Group paid $109.5 million for Country Brook Apartments, a 396-unit community in Chandler, Ariz. MG Properties sold the luxury asset for about $276,515 per unit.
