The Tanbic Company
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Investment, development and operations aligned from day one.
The Tanbic Company
We acquire and develop multifamily real estate. Ownership and management sit at the same table, from underwriting through sale.
Tanbic is the investor, developer and general partner. Stellar Residential manages the properties. We underwrite from real operating conditions rather than assumptions about them.
Tanbic × Stellar Residential
Tanbic underwrites and develops. Stellar operates. One ownership perspective across the entire investment.
Operating performance reaches the investment decision directly, from the first model to the final exit.
Tanbic
Investment · Development · Capital
Operations · Management · Execution
Tanbic
Tanbic is General Partner across all partnership structures: sourcing, entitlement, capital structuring, construction oversight and investor relations, from acquisition through sale.
Stellar Residential
Day-to-day operations run through Stellar Residential, led by Dale Phillips, President of Mark-Taylor Residential for 17 years, and Ben Carter, CFO, whose experience at Ventura Investment Company and Wedgewood spanned a $2 billion portfolio.
Stellar Residential Platform
Ground-up development and value-add acquisitions across Arizona.
NOI growth averaged over 40%. Operating expenses ran 4.3% below underwritten proforma.
The entire multifamily portfolio. We paid the capital gains tax and returned the money to our investors rather than roll it into 1031 exchanges.
We did not reinvest at prices we could not justify.
The Palmer, Prescott. 209 units, fully entitled and shovel-ready. Additional acquisitions are under evaluation.
Ground-up development and value-add acquisitions across Arizona.
NOI growth averaged over 40%. Operating expenses ran 4.3% below underwritten proforma.
The entire multifamily portfolio. We paid the capital gains tax and returned the money to our investors rather than roll it into 1031 exchanges.
We did not reinvest at prices we could not justify.
The Palmer, Prescott. 209 units, fully entitled and shovel-ready. Additional acquisitions are under evaluation.
Realized Investments
Our most recent multifamily exits. Across the portfolio, actual performance has exceeded initial underwriting.
Value-add multifamily · Scottsdale, Arizona
$14.0M equity returned $49.3M. Acquired at $36.25M, sold at $74.75M, a record price per unit in the Sunbelt.
Ground-up development · Prescott, Arizona
$5.4M equity returned $22.1M. Sold at $35M, the highest price per square foot in Arizona for garden-style at the time of sale.
Core-plus multifamily · Flagstaff, Arizona
$7.5M equity returned $18.5M, with quarterly distributions throughout.
Value-add multifamily · Scottsdale, Arizona
$7.7M equity returned $13.3M, with quarterly distributions throughout.
Commercial real estate: Arlington Tower (office, Arlington, TX), Rockwell Land (development, Rockwell, TX), and regional self-storage facilities (Sherman, TX and Prescott, AZ). Alternative housing: Parsons House Frisco (senior living, Frisco, TX) and Friendship Villas (senior housing, Tucson, AZ). Strategic venture capital: SAVE (fintech) and RESC Renewables (sustainable aviation fuel production).
Investment Thesis
Population growth, wage growth and regulatory barriers keep demand ahead of new supply in the markets we target. We also buy mismanaged assets, where better operations show up in the numbers quickly.
We stress-test rent growth, operating assumptions and exit scenarios before we commit capital.
In-house management through Stellar Residential (opens in new tab) shortens stabilization and puts actual operating costs into our underwriting.
We invest meaningful GP equity alongside our partners, with performance-based promotes through the hold. Our investors are family offices, institutional allocators and private client investors.
Active Development
Prescott, Arizona
Sixty-mile mountain vistas. Just under fourteen acres adjacent to The Ranch at Prescott, where homes average over $1 million.
The Palmer site, Prescott, Arizona
| Prescott | 1 unit per 94 residents |
|---|---|
| Flagstaff | 1 unit per 21 residents |
| Tucson | 1 unit per 15 residents |
| Phoenix | 1 unit per 11.5 residents |
| Existing apartment units, MSA | 2,680 |
| Water rights | Limited availability constrains new supply |
| Home values within 1 mile | Avg. $1,157,345 |
| Deal IRR | 63.4% |
|---|---|
| Equity multiple | 3.92× |
| Disposition | Highest $/SF in AZ at time of sale (garden) |
Leadership
Founder & CEO
Tanner Bickelhaupt founded The Tanbic Company in 2015. Before that he was Director of Real Estate for Black Rock Development, where he oversaw a 44-entity, $550 million portfolio. His career track record covers 61 properties and 11,529 multifamily units.
Tanbic sold its multifamily portfolio and returned the proceeds to investors rather than exchange into assets at prices it could not justify. It is acquiring again, beginning with The Palmer in Prescott.
He co-founded Stellar Residential to bring property management in-house and remains active in its operations.
Tanner serves as General Partner on Tanbic's active investments.
The Tanbic Brief
Occasional notes from inside multifamily ownership and operations: rents, concessions, costs and capital.
A few times a year, when there is something worth reporting.
Contact
For family offices, institutional allocators and private client investors who want careful underwriting and direct communication.
invest@tanbic.com