DORAVILLE, GA - TerraCap Management, a privately held investment firm with its headquarters in Naples, Florida, announced the acquisition of Forest Cove Apartments, a 638-unit apartment complex located in the northeastern Atlanta suburb of Doraville. The garden-style apartment complex sits on 78 acres and features one, two, and three-bedroom units. The property's amenities include a pool, a fire pit, a grilling area, a dog park, two playgrounds, and two soccer fields.
Matt Stewart, Partner and Director of Asset Management of TerraCap said, "The acquisition of Forest Cove continues our strategy to buy well-located workforce housing with high value-add potential in strong suburban markets. We are heavily invested in northeast Atlanta and believe in the growth dynamics we see along the I-85 corridor from North Druid Hills Road to Sugarloaf Parkway."
During ownership, TerraCap plans to reposition Forest Cove by investing into both the interiors and the exteriors of the property. The property already has proven value-add potential, with a previous renovation program achieving premiums over $200. "We're excited for the opportunity to add this property to our multifamily portfolio," said Steve Good, TerraCap's National Director of Acquisitions. "This acquisition will complement our existing holdings in the area, and our team has a vision to reposition the asset in a growing Atlantamarket."
Kevin Geiger of CBRE represented the seller in the disposition. TerraCap was represented by Robert Kadoori and C.J. Kelly of CBRE's Debt & Structured Finance division in arranging financing for the acquisition. Chad DeFoor and Dan Phelan of Franklin Street assisted in securing the buyer.
Source: TerraCap Management