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TH Real Estate acquires value-add multifamily properties

Marquis Nice on shoreline

TH Real Estate has recently completed the purchase of three value-add multifamily properties in separate transactions.

TH Real Estate’s US workforce multifamily housing investment strategy targets garden-style, rental housing in infill locations with the potential for high current income and value appreciation potential. A focus on value-enhancing upgrades to amenities and common areas, combined with low-cost financing via tax-exempt bonds, underpin the strategy.

  • Waterstone at Chatsworth – Los Angeles, CA: Developed in 1971, the 348-unit property is located in the affluent and supply-constrained San Fernando Valley, and has undergone partial renovations on a portion of the units. The property offers proximity to several major employers, public transportation, and a highly regarded school system, and is one mile from the Chatsworth train station.  TH Real Estate will continue renovations with high-level finishes, differentiating it amongst its competitors in the submarket.

  • Ironhorse at Tramonto – Phoenix, AZ:  A 324-unit multifamily community in what we believe is a stable market with positive long-term fundamentals, the property will undergo a renovation programme over the next two years.  The location has access to major employment and retail, being the only multifamily community in the submarket within walking distance to retail at Tramonto Marketplace, which includes a wide array of shops and restaurants. The submarket has seen strong population growth since 2000 and is expected to experience continued development with the expansion of the area’s commercial corridor.

  • The Nine on Shoreline – Austin, TX:  A 280-unit asset originally developed in 2001, the property is located within a 10-minute drive of some of North Austin’s leading tech employers including Dell, Apple, eBay/PayPal, HP, and Samsung. Tech Ridge, located eight minutes east of the property, is home to approximately 4.6 million sq ft of commercial space mostly dedicated to tech employers.  The location is also close to The Domain, a 1.8 million sq ft retail destination. TH Real Estate will reposition the asset as a leading Class B property in the submarket, offering modern unit interiors and updated amenities at competitive rents.

“These acquisitions are consistent with one of our main multifamily investment strategies of acquiring quality communities, with value-add potential in stable markets with positive long-term fundamentals,” said Jay Martha, Managing Director, TH Real Estate. “Throughout our 20-year track record in workforce housing, we’ve successfully invested throughout all points in the investment cycle, and believe that current economic and demographic trends will continue to provide opportunities for multifamily investing that may result in strong performance for our investors.”

TH Real Estate is a real estate investment management holding company owned by Teachers Insurance and Annuity Association of America (TIAA). TH Real Estate securities products distributed in North America are advised by UK regulated subsidiaries or TIAA-CREF Alternatives Advisors, LLC, a registered investment advisor and wholly owned subsidiary of TIAA, and distributed by Teachers Personal Investors Services, Inc., member FINRA. C35581

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