ORLANDO, FL – TerraCap Management, a privately held investment firm headquartered in Naples, Florida, announced the acquisition of Bridgewater Apartments. The Bridgewater is located on Conway Road in Orlando, FL and comprises a total of 344 units. It has one and two bedroom units. On-site amenities include a fitness center, swimming pools, dog park and soccer / tennis courts. The property is minutes from the Orlando International Airport and downtown Orlando.
Steve Hagenbuckle, Founder and Managing Partner of TerraCap, said, "This acquisition is in line with our thematic approach of buying well-located housing for workers in high-demand markets known for immigration and job growth. We are excited about the possible Advantages of investment. "
Bridgewater has value creation potential from market rents that can be increased through both natural rental growth and premium renovations. The property can be repositioned through both exterior and interior renovation programs. "We see this community as a prime candidate for our value creation strategy. Attention to operational details combined with indoor and outdoor improvements and added amenities can reposition this asset to provide a better environment for residents," said Albert Livingston, Partner and National Director of Asset Management for TerraCap.
Ryan Moody, Senior Managing Director of Newmark, represented the seller in the disposition. TerraCap was represented by Matt Williams and Kyle Schlitt of Newmark's Debt & Structured Finance group in the financing of the acquisition.
Moody said, "Bridgewater offered the buyer the opportunity to significantly upgrade the property and capitalize on the rental growth of the sub-market. Bridgewater was located in the Conway sub-market in Orlando which has a lot of new growth and trendy development in the works. The property also has an incredible location near downtown Orlando, the international airport and medical employment. "
Schlitt added: "The sponsor was able to take advantage of the extremely low interest rate environment and focus the additional cash flow from the low interest rate on future property improvements."
Source: TerraCap management
