ATLANTA, Dec. 20, 2019 /PRNewswire/ — TerraCap Management LLC, a privately held investment firm based out of Estero, Florida, announced today the sale of The Arbors Apartments. The 140-unit multifamily development is located in the northeastern Atlanta suburb of Tucker. The Tucker submarket is one of the strongest and fastest growing submarkets in Atlanta, as rent growth has outpaced the metro average in recent years.
Matt Stewart, TerraCap Director of Asset Management, said, “The Arbors proved our original business plan more than two years ahead of schedule. We believed in the area and it fit with our theme of investing in submarkets with above average growth trends. The buyer will inherit an asset with significant potential as the growth continues in Tucker.”
TerraCap acquired the property in September 2017 as part of a four-property, 1,100-unit multifamily portfolio purchase for $116,000,000. Since acquisition, TerraCap renovated several units at the property which saw an increase in rental rates. TerraCap also hired First Communities Management, led by the team of Ed Romano and Lisa Davis, who handled property management at The Arbors and oversaw day to day operations at the property during their hold period.
“Geographically this property was the outlier in the larger portfolio acquisition,” said Steve Good, partner and National Director of Acquisitions for TerraCap. “However, it exceeded our expectations from the start, and we’re pleased with the outcome. We feel it’s a great property and wish new ownership the best.”
David Gutting of JLL in Atlanta represented TerraCap on the sale. First Communities Management represented TerraCap on management.