ORLANDO, FL - TerraCap Management, a privately held investment firm with its headquarters in Naples, Florida, announced the acquisition of The Place on Millenia, a 2007-built, 371-unit apartment complex located in Orlando, FL. Amenities at the property include a pool, an outdoor kitchen and gas grills, a fitness center, a clubhouse with a media room and a billiards room, and three interior lakes which provide tenants water views.
Steve Hagenbuckle, TerraCap Founder and Managing Partner, said, "The Place on Millenia features an ideal location with great access located near the major theme parks at the intersection of Interstate-4 and The Florida Turnpike. With larger than average unit sizes, great tenant amenities, large internal lakes, and oversized balconies, this complex has so much to offer our tenants. We are enthusiastic about advancing this property both physically and financially."
The Place on Millenia features one, two, and three-bedroom units. Select unit interiors feature quartz kitchen and bathroom countertops, new cabinetry and hardware, and vinyl plank flooring. TerraCap plans to execute a premium renovation program to bring more units to similar-level finishes and capture the elevated rent growth that the area has seen.
Steve Good, TerraCap National Director of Acquisitions, said, "We're excited for the opportunity to acquire a high-quality and well-positioned asset within a rapidly growing market. Orlando continues to experience strong inbound migration patterns, and we feel this property is ideally located with quick access to much of what Orlando has to offer." Good added, "We plan to build off the previous owner's capital plan and continue to invest into the property and its amenities to offer residents a quality living option. We feel this approach will put this asset in the best position for future growth."
Scott Ramey of Newmark represented the seller in the disposition. TerraCap closed all-cash on the transaction but is in the process of adding debt financing to the property post-close. This financing is expected to close within the next few weeks. Matt Williams and Kyle Schlitt from Newmark were retained to help originate the debt. ZRS was retained as property manager.