MARIETTA, GA – TerraCap Management LLC, a privately held investment firm based in Naples, Florida, announced the sale of The Knolls and The Crossings. The two multi-family houses consist of a total of 692 residential units and are both located in the northwest suburb of Marietta of Atlanta.
The Knolls and The Crossings were acquired in September 2017 as part of a multi-family portfolio with 1,100 units and four properties. The other two properties in the portfolio, Arbors and The Crossings at Holcomb Bridge, were sold in December 2019 and September 2020, respectively.
Steve Hagenbuckle, Founder and Managing Partner of TerraCap, said: "Our Southeast Atlantic Asset Management team, led by Matt Stewart and Robert Witt, has precisely executed our business plans for these assets. The results show their skills and enthusiasm, our investor results to deliver Our First Communities property management team and our sales team, led by NGKF's David Gutting, played a critical role for us from acquisition to sale and added value to the results. "
After acquiring The Knolls and The Crossings in 2017, TerraCap implemented a strategy of capital investment in the properties coupled with the general organic rental growth in the area. TerraCap made significant capital improvements to the indoor, outdoor and shared lots for both properties. "We saw great potential in acquiring these assets," said Steve Good, partner and national director of acquisitions at TerraCap. "Our team has been efficiently upgrading properties and generating unit bonuses," added Good. "We believe that the location and quality of the property itself will continue to benefit the buyer. We wish them all the best."
David Gutting from NGKF represented TerraCap in the sale. First Communities Management represented TerraCap in real estate management.
Source: TerraCap management