THE FISHING CORNER, Georgia, November 18, 2021 / PRNewswire / – TerraCap Management LLC, a private investment company headquartered in Naples, florida, today announced the acquisition of The Reserve at Peachtree Corners, a 354-unit Category B apartment complex located in Peachtree Corners, Georgia, a northeast suburb of Atlanta. The property was built in 1985 and consists of one, two and three bedroom units. On-site facilities include a swimming pool overlooking a private lake, a fitness center, a lakeside clubhouse, a dog park and a playground.
Steve Good, National Director of Acquisitions for TerraCap, said: “We are delighted to add another asset to our holdings in the north Atlanta suburb. Peachtree Corners is a vibrant and growing city with a local government firmly committed to economic and community growth. The property and the area suit our thesis well, so we are delighted to have another opportunity to expand into this market. in the future.”
The Peachtree Corners Reserve is located in the North Gwinnett sub-market, which has seen the growth in rents exceed the Atlanta average of the metro over the past year. TerraCap plans to reposition the property and take advantage of this rent growth through several capital projects, including a top quality interior renovation program.
Matt stewart, Director of Asset Management for TerraCap, said: “As owners of commercial properties in Peachtree Corners, we have studied the area for the past three years and believe that multi-family properties in the immediate vicinity will continue to grow. have high demand and limited new supply. at Peachtree Corners has solid surrounding amenities, excellent access to employment areas, and a spacious 45 acre site with a lake, creating a unique value-added story for residents. strengthen the overall attractiveness to meet market demand. These improvements, coupled with strong organic rental growth, provide us with an excellent opportunity for success with our first multi-family at Peachtree Corners. “
Bill shippen de JLL represented the seller in the arrangement. First Communities Management has been hired by TerraCap as a property manager.
About TerraCap Management LLC
TerraCap Management LLC takes into account thematic factors such as business start-up, job growth and population growth market by market, as most metros and submarkets have different economic industries and therefore go through their cycles. economic differently. TerraCap carries out a moderate strategic overweight or underweight the markets, depending on the specific economic factors influencing supply and demand.
The Investment Manager has been operating since 2008 and its registered office is located at Naples, florida, the firm also has offices in Tampa, Florida, Atlanta, Georgia, and Denver, CO. As an operator, TerraCap believes it can make decisions more efficiently while leveraging its expertise from one property to another. The company has over 9 million square feet of commercial assets in its portfolio, with over $ 1.6 billion assets under management.
More information can be found at terracapmgmt.com.
For more information, contact:
TerraCap Management LLC
SOURCE TerraCap Gestion