ROSWELL, Ga., Sept. 29, 2021 /PRNewswire/ — TerraCap Management LLC, a privately held investment firm with its headquarters in Naples, Florida, announced today the acquisition of Enclave at Roswell, a 236-unit Class-B apartment complex located in the northern Atlanta suburb of Roswell, GA. Enclave at Roswell was built in 1985 and features one, two, and three-bedroom units. The property’s on-site amenities include a pool, fitness center, dog park, outdoor sports court, playground area, and coffee bar.
“We are excited to acquire our second apartment community in Roswell,” said Matt Stewart, TerraCap Director of Asset Management. “The acquisition of a property in a central North Fulton location with relatively low rents and very limited new supply provides us with a good foundation to upgrade the property to capture demand for modernized finishes and fresh common areas. We believe, based on our experience in the submarket, that our planned improvements will elevate the living experience we can provide to the residents at Enclave and meet our investment objectives.”
Enclave at Roswell is located in the North Fulton submarket, which has seen rising rents and low vacancy. TerraCap plans to capture the property’s value-add potential by investing in a premium renovation program and several exterior capital projects, such as updated landscaping and new exterior paint.
Steve Good, TerraCap National Director of Acquisitions, said, “We are very excited for the opportunity to acquire an asset in an area with accelerated growth potential. We feel confident in the potential of Enclave, as we’ve previously met our underwriting objectives within this submarket in a similar asset class. We are grateful to David Gutting for another smooth closing with the Newmark Team.”
David Gutting of Newmark represented the seller in the disposition. First Communities Management was hired as property manager.