ATLANTA (June 15, 2017) – TerraCap Management LLC, in a joint venture with Willow Creek Partners LLC, has acquired three apartment complexes with a total of 456 units in Greensboro, N.C. The purchase price for the portfolio was roughly $36 million ($79k per unit).
“Our interest stems from the fact that Greensboro has seen impressive growth that we believe will continue, and we think this portfolio is an outstanding investment with growth opportunity for TerraCap and Willow Creek Partners,” said Steve Good, partner and Director of Acquisitions for TerraCap.
All three properties are well located and have undergone significant renovation and upgrades in recent years. The new owners have plans to continue interior renovations and upgrades on select units.
The three properties purchased are:
- Terrace at Olde Battleground, 3800 Cotswold Ave. – 156 units
- Terrace Oaks, 3803 Cotswold Ave. – 120 units
- Madison Woods, 5505 Tomahawk Drive – 180 units
“This acquisition will be TerraCap’s third in North Carolina and provides some critical mass in this area as we continue to expand the TerraCap footprint” added Steve Hagenbuckle, Managing Partner for TerraCap. “Working with the Willow Creek Partners team members again has been a treat and we give credit to their team for allowing us to join them in this opportunity.”
Greensboro is the state’s third-largest city and the largest in the Piedmont Triad metropolitan area, which is made up of the cities of Greensboro, High Point and Winston-Salem. The area has recorded significant growth in population, jobs and median income in recent years.
“These acquisitions represent a tremendous opportunity to own and manage three topnotch communities in a thriving market,” said Matt Brady, Managing Partner at Willow Creek Partners. “The TerraCap team has an impressive track record as real estate investors and we are very excited about this partnership.”
TerraCap Management, LLC is a Commercial Real Estate Private Equity Fund management company focused on value-add real estate acquisitions in the southeastern United States. TerraCap develops investment strategies based on market research and fact-based analysis on employment and population growth, migratory trends, international home buying, and intrastate population movement. To learn more, please visit their website at http://terracapmgmt.com.
About Willow Creek Partners
Willow Creek Partners is a real estate investment and management firm. It acquires and asset- manages primarily income- producing real estate assets in the southeastern U.S. Willow Creek primarily targets multi-family, both conventional and student housing properties in markets where economic conditions provide for increased demand for real estate. Willow Creek aims to be long term investors and seeks assets that provide attractive risk-adjusted returns.