TerraCap Management Acquires 354-Unit Apartment Complex in Peachtree Corners, GA

posted in: News | 0

Original Source

PEACHTREE CORNER, Ga., Nov. 18, 2021 /PRNewswire/ — TerraCap Management LLC, a privately held investment firm with its headquarters in Naples, Florida, announced today the acquisition of The Reserve at Peachtree Corners, a 354-unit Class-B apartment complex located in Peachtree Corners, GA, a northeastern suburb of Atlanta. The property was built in 1985 and features one, two, and three-bedroom units. On-site amenities include a pool overlooking a private lake, fitness center, lakeside clubhouse, dog park, and playground.

Steve Good, TerraCap National Director of Acquisitions, said, “We’re pleased to add another asset to our holdings within the northern Atlanta suburbs. Peachtree Corners is a vibrant and growing city with a local government that is firmly committed to both economic and community growth. The property and area are a good fit for our thesis, so we’re excited for another opportunity to expand within this market.” Good added, “We enjoyed working with the seller and JLL during the transaction, and we wish all parties the best in the future.”

The Reserve at Peachtree Corners is located in the North Gwinnett submarket, which has seen rent growth outpacing the Atlanta metro average over the last year. TerraCap plans to reposition the property and capture this rent growth through several capital projects, including a premium renovation program on the unit interiors.

Matt Stewart, TerraCap Director of Asset Management, said, “As commercial property owners in Peachtree Corners, we have studied the area for the past three years and believe the multifamily properties in the immediate area will continue to have strong demand and limited new supply. The Reserve at Peachtree Corners has strong surrounding amenities, great access to employment districts, and a spacious 45-acre site with a lake, creating a unique value-add story to residents. Our capital plan is geared towards updating unit interiors, renovating the clubhouse, and boosting the overall curb appeal to meet the market demand. These improvements, together with strong organic rent growth, give us a great opportunity for success with our first multifamily in Peachtree Corners.”

Bill Shippen of JLL represented the seller in the disposition. First Communities Management was hired by TerraCap as property manager.