TerraCap Management Acquires 340-Unit Apartment Complex in Cary, NC

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CARY, N.C., May 12, 2022 /PRNewswire/ — TerraCap Management LLC, a privately held investment firm with its headquarters in Naples, Florida, announced today the acquisition of Amberwood at Lochmere, 340-unit apartment complex located in Cary, North Carolina. The property was built in 1991 and 1996. Amenities at the property include two swimming pools, two fitness centers, two dog parks, a renovated leasing center, a clubhouse with a coffee bar, a car wash station, a playground, a grilling station area, and a sports court with tennis and basketball equipment.

Steve Good, TerraCap Partner and Director of Acquisitions, said, “Amberwood at Lochmere is our first apartment acquisition in the Raleigh MSA. We are excited for this opportunity and potentially adding more Raleigh apartments to our portfolio in the future. We enjoyed working with the seller and their representatives and wish them the best.”

Amberwood at Lochmere features one, two, and three-bedroom units and sits on 31 acres. Unit interiors feature different levels of renovation, leaving room for further upgrades to enhance the tenants’ living experiences. The property is centrally located, providing access to several employment nodes in the Research Triangle Park and in downtown Raleigh. The Town of Cary was recently ranked as the third safest mid-sized City in America by AdvisorSmith Solutions and offers a variety of shopping and recreational amenities.

Matt Stewart, TerraCap Partner and Director of Asset Management said, “The Raleigh market has all the investment elements we look for with strong population and job growth rates and a highly educated workforce that ranks among the top cities in the country. The Town of Cary, with some of the highest average incomes in Raleigh, is an attractive place to live, with easy access to employment centers, robust shopping options, and a highly ranked public school system.”

Howard Jenkins of CBRE represented the seller in the disposition. First Communities Management was hired as property manager.