TEMPE, ARIZ. – Transwestern Investment Group (TIG) today announces it acquired a 2.76-acre land site on behalf of a joint venture between TIG’s core separate account and The Hanover Cos. for the development of a 341-unit multifamily project. The site is approximately 10 miles east of Phoenix, located in the highly walkable Mill Avenue District of downtown Tempe.
“We are seeing a strong recovery in employment within the Phoenix market, which will translate into demand for multifamily,” said Collin Comer, managing director of acquisitions at TIG. “The Tempe submarket dynamics and employment trends make it an ideal location for multifamily investment.”
The Hanover Cos., a proven multifamily developer with experience in this particular market, is developing the project, called Hanover Mill. The investment structure eliminates downside risk due to the developer taking responsibility for all completion and construction cost overruns.
Transwestern Investment Group is an independent investment management affiliate of the Transwestern family of companies. TIG currently manages $700 million in institutional real estate investments on behalf of its discretionary and non-discretionary clients. TIG is a registered investment advisor.
ABOUT TRANSWESTERN INVESTMENT GROUP
Transwestern Investment Group is an investment advisor serving a broad range of investors through a diversified array of discretionary and non-discretionary investment vehicles. Our client-focused, relationship driven approach ensures our priorities are our clients' investment objectives. Trust, integrity and transparency are the cornerstones of our business. Transwestern Investment Group provides tactical investment management with an integrated operating platform through the Transwestern family of companies, which includes a diversified real estate services firm with 34 U.S. offices and a development company. For more information, please visit transwesterninvest.com.