The findings uncovered surprising results on the vibrancy of local economies, outperformance in key real estate market fundamentals, and greater stability across the past 20 years.
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Prevailing institutional groupthink has long preferred primary markets as the de facto target for core and value-added real estate strategies. However, nascent research suggests that secondary and tertiary markets in the Western US may offer not only competitive but in many cases superior economic stability and real estate performance. Drawing on two decades of comparative data across economic indicators and real estate fundamentals, this article presents a comprehensive reassessment of the investment potential in secondary and tertiary Western US markets. By analyzing long-run patterns in GDP growth, job creation, population trends, and commercial real estate metrics across multifamily and industrial sectors, we offer a robust, data driven perspective on why these smaller markets merit institutional attention. As capital allocators face a structurally shifting landscape, rethinking geographic allocation could prove essential not just for alpha generation but also for portfolio resilience in the face of systemic volatility.
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Cities such as Bakersfield, Calif.; Orem, Utah; and Loveland, Colo., aren’t typically top of mind for institutional investors. But groups that once bypassed such secondary and tertiary markets in favor of major metros are now putting these smaller markets on their radar.
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Despite misconceptions around market performance of secondary and tertiary markets in the Western United States, these markets prove to be more economically robust and less volatile than primary markets, according to Graceada Partners’ research reports, Economic Vibrancy in Secondary & Tertiary Markets and Real Estate Fundamentals in Western U.S. Secondary & Tertiary Markets.
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Folsom-based TOR Wealth Advisors has raised $2.6 million in equity for a pooled investment fund, according to afiling with the Securities and Exchange Commission.
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Outpost market specialists Graceada Partners released a ranking of top tertiary cities in the US. NAREIM spoke with principals and co-founders Joe Muratore and Ryan Swehla about their methodology, ‘quantifying’ the quality of life factors that make these markets attractive, and building out their acquisition system in new markets.
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Graceada Partners has acquired The Meridian at Lakewood, a 96-unit, garden-style apartment complex in Lakewood, CO, a western suburb of Denver. The investment is part of Graceada Partners Fund III.
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