TH Real Estate's Hot For Phoenix Value-Add Multifamily
TH Real Estate's appetite for value-add multifamily nationwide recently brought the investment giant—an operating division of TIAA Global Asset Management—to Tramonto, where it recently acquired the 324-unit Ironhorse at Tramonto.
TH Real Estate managing director Jay Martha says the acquisition is consistent with one of the investor's main multifamily investment strategies, namely finding communities with value-add potential in stable submarkets.
“Throughout our 20 years in workforce housing, we’ve successfully invested throughout all points in the investment cycle," he says. "We believe that current economic and demographic trends will continue to provide opportunities for multifamily investing that result in strong performance for our investors.”
A focus on value-enhancing upgrades to amenities and common areas combined with low-cost financing via tax-exempt bonds underpin the strategy, Jay says.
As for Ironhorse at Tramonto, TH Real Estate will undertake a renovation program over the next two years, to take advantage of the submarket's strong population growth since 2000, and that it's expected to experience further expansion in its commercial corridor. Ironhorse also has the distinction of being the only multifamily community in the submarket within walking distance of retail at Tramonto Marketplace.