258 units in Camelback East, Phoenix, Arizona
A 2001-vintage garden community in the geographic center of Phoenix, acquired at $135,659 per unit. That is 39% below the average of recent area trades and $2.0 million below what the current owner paid in 2019.
A $135.7K per-unit purchase price is 39% below the average of recent trades in the surrounding market, 54% below the direct comp’s 2021 peak, and below the seller’s own 2019 purchase price.
Center of the Phoenix MSA with Loop 202 at the doorstep. Roughly 932,500 professionals commute within 30 minutes, and the Biltmore and Arcadia wealth base sits immediately north.
A turn-based interior renovation of all 258 units at $4,590 each, underwritten to a $92.50 blended monthly premium set by unit type.
Fixed agency debt at 6.05% with five years of interest only, 1.55x day-one coverage, a fully pre-funded capital budget, and no floating rate exposure.
The current owner acquired Monterra in January 2019 for $37.0 million. We are paying $35.0 million seven years later, so every year of Phoenix rent growth and replacement-cost appreciation since accrues to us, not the seller.
1333 N 24th St, Phoenix, AZ 85008
| Year built | 2001 |
| Units, average size | 258 units, 803 SF |
| Average in-place rent | $1,285 per month |
| Rentable area | 207,295 SF on 6.0 acres |
| Buildings | Eight residential, three story, plus clubhouse |
| Parking | 398 spaces, 1.54 per unit, incl. 141 garages |
| Construction | Wood frame, stucco, pitched tile roofs |
| Systems | Individually metered electric, individual HVAC and water heaters |
Monterra sits between Downtown and Midtown Phoenix, the Camelback Corridor and the 44th Street gateway, with Loop 202, I-10 and SR 51 all within minutes.
Preserve occupancy through the management transition, reduce concessions, and renovate all 258 units on natural turnover. No unit is taken out of service to renovate.
Gross figures are deal level before promote and asset management fees. Net figures are after all fees and promote at the investor level. Source: TFG underwriting model, September 2026. Projections are not guaranteed.
The Founders Group was formed in January 2026 through the combination of Bridge Founders Group’s institutional fund heritage and MC Companies’ vertically integrated Sun Belt operating platform.
40+ years in multifamily. Co-Chief Investment Officer of Multifamily Funds I, II, and III and Workforce & Affordable Housing Fund I at Bridge Investment Group totaling $5.5B+ in equity raised.
40+ years across the real estate cycle. $10B+ transacted and former Chief Investment Officer of Bridge Multifamily I and II. Co-CIO of Bridge MF III and Bridge Workforce & Affordable Fund I and II.
35+ years in multifamily operations, development and construction. Co-founded MC Companies and has acquired and sold $1B+ of real estate.
40+ years in multifamily. Developed and built 5,000+ units in Arizona. Over $1B acquired and sold.
35+ years in sourcing, financing, development and operations. Co-founder and former Co-CEO of Bridge Investment Group totaling $5.5B+ in equity raised.
40+ years in multifamily management. Former Lend Lease principal and a key leader in Bridge underwriting, due diligence and value-add execution.
300+ team members across major markets · 3,000+ accredited investor relationships
$100,000, for either the direct deal or the TFG Distressed & Opportunistic Fund.
This is a Rule 506(c) offering available to accredited investors only. Any offer is made solely through the private placement memorandum and related offering documents.
Quarterly, beginning in the second quarter of Year 1. Investors receive 100% of distributions up to an 8% preferred return before the sponsor participates.
The base case is five years and is flexible. The loan’s yield maintenance expires in month 54, six months ahead of the underwritten sale, so a Year 5 exit or refinance carries no prepayment penalty.
None is underwritten. The full $2.6 million capital program is funded with equity at closing and held in reserve. Nothing in the plan depends on supplemental debt, a refinance, or a future capital call.
Direct deal investors hold Monterra only, through the exit. Fund investors seed the TFG Distressed & Opportunistic Fund with Monterra; if the Fund moves forward their capital is spread across the Fund’s portfolio, and if it does not they keep their Monterra interest on the same terms as the direct deal.
The full business plan covers the distribution waterfall, fee schedule, debt terms, year-by-year pro forma, sensitivity analysis and key risks. Use the “Review the business plan” button on this page, or ask Investor Relations for a copy.
Use the “Register your interest” form at the top of this page and our team will follow up with next steps. Funding is open now and spots are held in the order wires are received. Questions can go to Investor Relations at the address below.
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InvestorRelations@thefoundersgroup.com