TerraCap Management Acquires Two Apartment Complexes in Austin MSA

posted in: News | 0

Original Source

PFLUGERVILLE, Texas, Jan. 25, 2023 /PRNewswire/ — TerraCap Management LLC, a privately held investment firm with its headquarters in Naples, FL, announced today the acquisition of The Dalton and The Beacon at Pfluger Farm located in the Pflugerville suburb of Austin, TX.

“We are proud to complete this double acquisition of The Dalton and The Beacon. These purchases will bring our Class A new apartment holdings in the Austin area to approximately 1,000 units. The submarkets these holdings are in are some of the fastest growing in the US with 50% population growth over the last 12 years. This combined with major national employers, high average family incomes, and premier amenities give us comfort and confidence. We are a tenant centric company that will focus on resident quality of life and positive energy for the communities,” said Steve Hagenbuckle, TerraCap Founder and Managing Partner.

The Dalton, a 2022-built, 350-unit apartment complex, features one, two, and three-bedroom units. The property is located near I-35 and is 25 minutes from downtown Austin. The property’s amenities include a swimming pool, a 24-hour fitness studio, a self-serve wine membership, a luxury pool house with grilling stations, an on-demand Starbucks Coffee bar, and a private dog park.

The Beacon, also built in 2022, is a 258-unit apartment complex located in Pflugerville with access to major employment and retail hubs. The one, two, and three-bedroom units feature stainless steel appliances, a farmhouse kitchen sink, custom lighting fixtures, and walk-in closets. The community’s amenities include a swimming pool with a sunning deck, an outdoor lounge with a fireplace, shuffleboard, billiards table, and a fitness studio.

“We’re excited to expand our holdings in a dynamic growth market such as Austin,” added Steve Good, TerraCap Partner and National Director of Acquisitions. “These are two high-quality assets that are well-located within one of the fastest growing communities in the Austin area. Both properties are accessible to downtown, fantastic retailers, and high-income employers such as Samsung, Amazon, Tesla, Apple, Google, Facebook, Micron, and Dell, among others. There is quite a growth story in Austin, and we look forward to finding future opportunities within the market.”

Matt Pohl and Kevin Dufour of Walker & Dunlop represented the seller in the disposition. ZRS Management was hired as property manager.