Source: TerraCap Management
SMYRNA, GA - TerraCap Management, a privately held investment firm based out of Naples, Florida, announced the sale of 23 Thirty Cobb Apartments for $41,100,000. The 222-unit apartment complex is located in the northwestern Atlanta suburb of Smyrna.
23 Thirty was acquired by TerraCap in August 2018. During their ownership, TerraCap completed several capital projects at the property, including a new leasing office, new common area amenities, updated landscaping, new exterior paint, and new package lockers. TerraCap also implemented a unit renovation program, upgrading select units and generating significant rent premiums.
Robert Witt, TerraCap Partner and Asset Manager, said, "We are thrilled to be exiting this property after completing the goals that we established in our business plan. Our renovation program allowed us to push rents up more than 30% over the previous classic lease. This was a solid performing property that is poised for more growth in the future, due to the existing classic units at the property and the organic rent growth in the Atlanta area."
23 Thirty is ideally located in Smyrna, GA with access to demand-driving amenities such as The Battery, a 1.5 million square foot mixed-use development adjacent to Truist Park, the home stadium of the Atlanta Braves. Matt Stewart, TerraCap Partner and Director of Asset Management said, "We are very pleased with the results of the 23 Thirty sale. The capital improvements we made to upgrade the unit interiors and exterior curb appeal unlocked significant rent premiums, highlighting the strong demand for well-located residential communities. Smyrna provides excellent access to nearby amenities and job centers across Cobb County. We are grateful to First Communities and CBRE for helping us achieve the goals in our business plan."