Modern multifamily development
Multifamily Real Estate Investment, Development & Management

Capital deserves
a reason.

The Tanbic Company acquires and develops multifamily real estate with a focus on a disciplined basis, market timing, and execution. Through our management platform, Stellar Residential, we operate more than 5,000 units across the Sunbelt. After exiting our multifamily portfolio, we are acquiring again.

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63.4% · 61.9% · 26.3% · 17.8%
Recent Multifamily Exit IRRs
Investment Thesis

Discipline first, then conviction

We combine market data with disciplined risk mitigation, prudent leverage and active, in-house management. NOI growth across our portfolio has averaged over 40%. We sold the entire portfolio rather than pursuing 1031 exchanges, paid the capital gains tax and returned the money to our investors.

01
Supply-Demand Asymmetry

We target markets where population growth, wage expansion, and regulatory barriers create durable rental demand that consistently outpaces new supply. We look for submarkets with strong household formation, limited competitive pipeline, and favorable rent-to-income dynamics. We also buy mismanaged assets, where hands-on operations show up in the bottom line quickly.

02
Cycle Discipline

We sold our entire multifamily portfolio rather than execute 1031 exchanges, taking the tax hit instead of reinvesting at prices we could not justify. We underwrite rent growth and operating assumptions the same way, with stress-tested exit scenarios and a clear path to value creation before we commit capital.

03
Vertical Integration

Through our property management company, Stellar Residential, we see asset performance at the property level from day one. Ownership and management sit at the same table, which shortens stabilization timelines and keeps our underwriting tied to actual operating conditions.

04
Capital Partner Alignment

We invest meaningful GP equity alongside our partners and structure performance-based promotes that ensure alignment through the hold period. Our investor base comprises a diverse group of family offices, institutional allocators, and private client investors.

Performance

Most Recent Multifamily Exits

Across the portfolio, actual performance has exceeded initial underwriting, with NOI growth and operating expenses running ahead of our original projections.

Centerra Apartment Homes, Scottsdale
Value-Add Multifamily
Centerra
Scottsdale, Arizona
61.9%
Deal IRR
3.50×
Equity Multiple
+68%
NOI Growth
2.7 yr
Hold Period
$14.0M equity → $49.3M distributed. Acquired for $36.25M, sold for $74.75M. Averaged 6.6% annual cash yield throughout hold period. Sold for record price per unit in the Sunbelt.
Winfield at the Ranch, Prescott
Ground-Up Development
Winfield at the Ranch
Prescott, Arizona
63.4%
Deal IRR
3.92×
Equity Multiple
$35M
Sale Price
2.9 yr
Hold Period
$5.4M equity → $22.1M distributed. Sold for $35M. Highest price per square foot in Arizona for garden-style at time of sale.
Timberline Place, Flagstaff
Core-Plus Multifamily
Timberline Place
Flagstaff, Arizona
26.3%
Deal IRR
2.46×
Equity Multiple
+13.6%
NOI Growth
4.0 yr
Hold Period
$7.5M equity → $18.5M distributed. Consistent quarterly distributions at 7.0% annual cash yield throughout hold period.
The Winfield of Scottsdale
Value-Add Multifamily
The Winfield of Scottsdale
Scottsdale, Arizona
17.8%
Deal IRR
1.73×
Equity Multiple
+39%
NOI Growth
3.6 yr
Hold Period
$7.7M equity → $13.3M distributed. Consistent quarterly distributions at 7.1% annual cash yield throughout hold period.
Commercial Real Estate: Arlington Tower (Office | Arlington, TX), Rockwell Land (Development | Rockwell, TX), and regional Self-Storage facilities (Sherman, TX & 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).
Operational Integration

We Manage What We Own

From ground-up development to acquisitions, Tanbic manages 100% of its property management through Stellar Residential. Operating expenses have averaged 4.3% below underwritten proforma and NOI growth has averaged over 40% portfolio-wide.

Investment & Development
The Tanbic Company

Tanbic serves as General Partner across all partnership structures, directing every phase of the investment: sourcing, entitlement, capital structuring, construction oversight and investor relations. We stay hands-on from acquisition through sale.

In-House Management
Stellar Residential

Stellar is led by Dale Phillips, who served as President of Mark-Taylor Residential for 17 years, and Ben Carter, CFO, whose executive experience at Ventura Investment Company and Wedgewood spanned a $2 billion portfolio. The team came up through Prudential, UBS, Wood Partners and Trammell Crow Residential. Today, the platform oversees more than 5,000 active units, with an additional 2,000 units in the development pipeline.

Tanbic | Stellar
Target Markets

Sunbelt & Mountain West Growth Corridors

We invest where demand is strong, new supply is difficult to build and the basis makes sense. Our operating footprint is anchored in Arizona, and we look at opportunities across the broader South, Southwest and Mountain West.

Phoenix Arizona sunset
Leadership

Grounded in Operations

Tanner Bickelhaupt
Tanner Bickelhaupt
Founder & CEO

Tanner Bickelhaupt founded The Tanbic Company in 2015. He previously served as Director of Real Estate for Black Rock Development, where he directed an investment and management portfolio spanning 44 entities with an aggregate asset valuation exceeding $550 million. Over his career, his transaction and operational track record covers 61 properties totaling 11,529 units, along with more than $250 million in private equity raised.

Tanner co-founded Stellar Residential to bring property management in house across the Tanbic footprint. Stellar now manages more than 5,000 units, with an additional 2,000 in the development pipeline. He serves as General Partner across all active Tanbic investments.

Tanner serves as a board member for Save®, an SEC-regulated fintech platform backed by BNP Paribas. He lives in Scottsdale with his family.

Education
Gonzaga University
B.A., Business Administration & Marketing
Prior Role
Director of Real Estate
Black Rock Development
Capital Raised
$250M+ in private equity
$500M+ in acquisitions
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Insights

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For investors, brokers and lenders

We partner with family offices, institutional allocators, and private client investors who want careful underwriting and direct communication.

invest@tanbic.com
480.980.9192