Tertiary markets have traditionally been overlooked by investors. What is the aversion and the opportunities?
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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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Employees lead the shift from primary and secondary cities to more affordable and livable areas with the rise of hybrid work environment, according to Graceada Partners in its The Emergent Value of Third City Markets report, which ranks tertiary markets that represent strong potential for real estate investment.
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Primary markets (such as Chicago, Los Angeles, New York and San Francisco), and hot secondary markets (such as Austin, Charlotte, Denver and Phoenix) have gotten crowded and expensive when real estate assets are performing well, begging the questions: How much money is being left on the table in tertiary markets? What are the challenges to investing in these markets, and how are they best evaluated and accessed?
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Traditionally an underserved segment of the housing market, Class B apartments — underpinned by strong fundamentals and outsized demand — are an attractive investment opportunity, one potentially more compelling than high-end Class A units.
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For Graceada Partners, a value-add investor which has been operating in secondary and tertiary markets in California since before the Covid-19 pandemic, gig economy and freelance workers are institutionalizing these outpost economies. NAREIM speaks with Ryan Swehla, principal and co-founder, on the opportunities that have led to the firm’s reported net IRR of 67% and net equity multiple of 1.94 across nine realized assets.
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