Source: TerraCap Management
FORT MILL, SC - TerraCap Management, a privately held investment firm with its headquarters in Naples, Florida, announced the acquisition of Palmetto Place, a 184-unit Class-B apartment complex located in Fort Mill, SC. Fort Mill is located less than 20 miles from Charlotte, NC. Palmetto Place was built in 1996 and features one, two, and three-bedroom units with an average unit size of 965 square feet.
Steve Hagenbuckle, Founder and Managing Partner of TerraCap, said, "We are excited to expand our geography into South Carolina. Fort Mill embodies all the characteristics of our TerraCap thesis of investing in high-growth markets that our research shows offers affordability, high quality of life, and new investments in commerce, amenities, and retail. Palmetto Place is a shining representation of what is attractive in multifamily living."
Palmetto Place is located in the York Countysubmarket of SC. York County has seen consistently rising rents since 2009 as well as falling vacancy since 2017. Fort Mill itself is one of the fastest growing cities in the United States according to the U.S. Census Bureau. With the area's rapid population growth along with Palmetto Place's below-market rents, the property already has value-add potential, which will be further enhanced through a premium renovation program.
"Fort Mill is an area that we've had our eye on for a while now. However, it's a tough market to enter because there's just not a lot of buying opportunities," said Steve Good, TerraCap's National Director of Acquisitions. "Palmetto is a great fit for what we are looking for: centrally located, plenty of amenities at the property and immediate area, and a low supply market with barriers to entry. These factors, along with rising population growth, make it an ideal candidate for us. We're excited for the opportunity to enter this market."
Andrea Howard of NorthMarq represented the seller in the disposition. First Communities Management was hired by TerraCap as property manager.