Source: Terracap Management
MARIETTA, GA - TerraCap Management, a privately held investment firm with its headquarters in Naples, Florida, announced the acquisition of Crestmont Residences, a 228-unit Class-C apartment complex located in Marietta, GA, a northeastern suburb of Atlanta. The property was built in 1987 and features one, and two-bedroom units. On-site amenities include a pool, business center, dog park, grilling stations and playground.
Steve Hagenbuckle, TerraCap Managing Principal, said, "Crestmont models well with our thesis and investment strategies. We find this property to be well located with great attributes. Taking this asset to its next level of potential will be exciting for the TerraCap team. We appreciate the seller and the trust they had in us to execute on time and without incident. We will do our best to make the right enhancements in the right areas."
Crestmont Residences is located in the Kennesaw submarket, which has seen some of its fastest population growth within the last year and has compressed vacancies. TerraCap plans to reposition the property and capture this rent growth through several capital projects, including a renovation program on the unit interiors.
"After exiting several properties in Cobb County earlier this year, we are excited to become property owners again in one of the most dynamic suburbs of Atlanta," said Robert Witt, TerraCap Asset Manager. "We are eager to get started on the planned capital projects for the property, which we believe will enhance the overall curb appeal. The fresh new look of the property, organic rent growth, and the population growth happening in the market are the pillars of why we think that this property will meet our expectations."
Kevin Geiger of CBRE represented the seller in the disposition. First Communities Management was hired by TerraCap as property manager.