11 | 14 | 2012
TerraCap Partners Acquires 120-Room Hotel in Fort Myers Beach, FL
This acquisition is just one of several recent purchases from TerraCap Partners II, the firm’s latest opportunity fund. So far, TerraCap’s second fund has made nine investments comprising more than 600,000 square feet of apartments, office, light industrial, hotel and mixed-use properties and 330 acres of land. The firm is close to completely harvesting its first fund, launched in 2009, whose purchases of distressed Florida real estate have recorded IRRs of approximately 30 percent.