GREENSBORO, NC - TerraCap Management, a privately held investment firm based out of Estero, Florida, announced the sale of Madison Woods, Terrace at Olde Battleground, and Terrace Oaks. TerraCap acquired the 456-unit apartment portfolio in a JV with Reston, VA based Willow Creek Partners for $36,200,000 in June 2017. Since acquisition, TerraCap's combined strategy of effective property management, property upgrades, organic rent growth, and unit renovations caused an increase in rental rates, occupancy, tenant satisfaction/quality, and rent collections.
"These Greensboro apartment investments outperformed our expectations," said Steve Hagenbuckle, Founding Partner and Managing Director for TerraCap. "This is a testament to great working relationships and teamwork within the TerraCap asset management team, Willow Creek, First Communities, and our transaction advisor Paul Marley of Cushman & Wakefield."
Albert Livingston, TerraCap Partner and National Director of Asset Management, said, "When we acquired the portfolio, we saw the opportunity to capitalize on asset management 101. Our first goal was to provide quality on-site management to give existing tenants a positive living experience and potential residents a welcoming environment; two factors which we believe contributed to increased occupancy and tenant retention. Effective management combined with a capital upgrade plan and utilization of leasing optimization software stabilized and repositioned this portfolio in the market."
First Communities Management, led by Mitch Harrison and Ed Romano, represented TerraCap on on-site property management. TerraCap chose First Communities Management as the property manager because of their experience in executing value-add multifamily strategies across numerous multifamily communities within the TerraCap portfolio.
Industry leader Paul Marley, Senior Director with Cushman & Wakefield Multifamily Advisory Group, represented TerraCap on the sale.
Source: TerraCap Management