TerraCap Management Acquires Bonita Springs, FL Apartment Complex for $70.35 Million

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BONITA SPRINGS, Fla., June 2, 2021 /PRNewswire/ — TerraCap Management LLC, a privately held investment firm with its headquarters in Naples, Florida, announced today the acquisition of Versol Apartments for $70.35 million. Ideally located in Bonita Springs, the 240-unit property was built in 2020 and is currently 100% leased.

Steve Hagenbuckle, Founder and Managing Partner of TerraCap said, “Versol being new and in the heart of Southwest Florida was of great appeal to us. Its vacation destination location will allow us to offer creative custom leasing programs for full time and part time residents as well as tourists. All of this with an eye on value creation. The transaction was professionally managed, as usual, by the JBM team.”

Versol Residences features spacious one, two, and three-bedroom units with average unit sizes just under 1,100 square feet. The unit interiors feature quartz counter and vanity tops, shaker-style cabinetry, stainless steel appliances, tile backsplash, faux wood plank flooring in the living areas, nine-foot ceilings, large windows, and a washer and dryer in each unit. Common area amenities include a clubhouse with a coffee/tea bar and a kitchen, a swimming pool, an outdoor kitchen with gas grills, a fire pit, a fitness center, a bocce court, a dog park, package receiving, and dry cleaning drop off.

The city of Bonita Springs, where the property is located, has seen over a 35% increase in population since 2010. The property is located just off U.S. 41 and is minutes from nearby Barefoot Beach. “We saw this as an opportunity to acquire a unique property in our own backyard,” said Steve Good, National Director of Acquisitions for TerraCap. “The apartments are quality construction with top-notch amenities and location. There is high-end retail shopping with Coconut Point to the north, Mercato to the south, the beach to the immediate west, and access to I-75 to the east. Its location, in our opinion, cannot be matched.”

The seller, Milhaus, was represented by Jamie May of JBM. Milhaus was retained as property manager.