Bonita Springs, FL (December 16, 2022) – TerraCap Management LLC, a privately held investment firm with its headquarters in Naples, FL, announced today the sale of Versol Residences. The 240-unit property was built in 2020 and is located in Bonita Springs, FL.
“Versol has been a treasure to own. We have been quite pleased with the performance of this well-located asset. The rapid value creation by our Asset Management team led by Albert Livingston and Mark Hardee accelerated our exit strategy by three years. Special thanks to Jamie May and Company for assisting TerraCap on another successful transaction,” said Steve Hagenbuckle, TerraCap Founder and Managing Partner.
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.
“Versol is a high quality community that is well-located in a strong market. The pandemic accelerated the in-migration and long-term demographic changes that are a hallmark of our investment thesis, allowing us to complete our business plan sooner than expected. We are thrilled to have been able to own this asset, and we appreciate Milhaus’ excellent management of the property during our ownership period,” said Mark Hardee, TerraCap Asset Manager.
Jamie May and Eddie Yang of JBM represented TerraCap in the sale transaction. Milhaus represented TerraCap on property management.