Source: TerraCap Management
MARIETTA, GA - TerraCap Management LLC, a privately held investment firm based out of Naples, Florida, announced the sale of The Knolls and The Crossings. The two multifamily properties consist of a total of 692 units and are both located in the northwestern Atlanta suburb of Marietta.
The Knolls and The Crossings were acquired in September 2017 as part of a four-property, 1,100-unit multifamily portfolio purchase. The two other properties in the portfolio, the Arbors and The Crossings at Holcomb Bridge, saw dispositions in December 2019 and September 2020 respectively.
Steve Hagenbuckle, Founder and Managing Partner of TerraCap, said, "Our Atlantic southeast asset management team led by Matt Stewart and Robert Witt executed our business plans for these assets with precision, and the outcomes highlight their capabilities and enthusiasm for delivering results to our investors. Our property management team First Communities and our sales team led by David Gutting of NGKF played critical roles for us from acquisition to disposition and added value to the outcomes."
After acquiring The Knolls and The Crossings in 2017, TerraCap implemented a strategy of capital investment into the properties coupled with the general organic rent growth that the surrounding area was achieving. TerraCap executed significant capital upgrades to the interiors, exteriors, and common grounds for both properties. "We saw strong potential with these assets when we acquired them," said Steve Good, Partner and National Director of Acquisitions for TerraCap. "Our team efficiently improved the properties and generated unit premiums," Good added. "We feel the location and quality of the properties themselves will provide continued upside for the buyer. We wish them the best."
David Gutting of NGKF represented TerraCap on the sale. First Communities Management represented TerraCap on property management.