GREENSBORO, NC – TerraCap Management, a privately held investment firm based in Estero, Florida, announced the sale of Madison Woods, Terrace at Olde Battleground and Terrace Oaks. TerraCap acquired the 456 residential unit portfolio in June 2017 in a joint venture with Willow Creek Partners in Reston, VA for USD 36,200,000. Since the acquisition, TerraCap's combined strategy of effective property management, property upgrades, organic rental growth and renovation work has resulted in increases in rental rates, occupancy, tenant satisfaction / quality and rental collections.
"These investments in Greensboro apartments exceeded our expectations," said Steve Hagenbuckle, founding partner and managing director of TerraCap. "This is a testament to the excellent working relationships and teamwork within the TerraCap Asset Management team, Willow Creek, First Communities, and our Cushman & Wakefield Transaction Advisor Paul Marley."
Albert Livingston, TerraCap Partner and National Director of Asset Management, said, “When we acquired the portfolio, we saw an opportunity to benefit from Asset Management 101. Our first goal was to provide quality management on-site to existing ones Providing tenants with a positive livelihood experience and a welcoming environment for potential residents, two factors that we believe have contributed to increased occupancy and tenant retention. Effective management combined with a capital upgrade plan and the use of lease optimization software stabilized and positioned this Portfolio new on the market. "
First Communities Management, led by Mitch Harrison and Ed Romano, represented TerraCap in the management of on-site real estate. TerraCap chose First Communities Management as property manager because of its experience in implementing multi-family strategies with added value in numerous multi-family communities within the TerraCap portfolio.
Industry leader Paul Marley, Senior Director at Cushman & Wakefield Multifamily Advisory Group, represented TerraCap on the sale.
Source: TerraCap management