DORAVILLE, GA – TerraCap Management, a private investment firm headquartered in Naples, Florida, announced the acquisition of Forest Cove Apartments, a 638-unit apartment complex in the northeast suburb of Atlanta, Doraville. The garden-style apartment complex sits on 78 acres and has one, two and three bedroom units. Property amenities include a pool, fire pit, barbecue area, dog park, two playgrounds, and two soccer fields.
Matt Stewart, Partner and Director of Asset Management at TerraCap, said, "The acquisition of Forest Cove continues our strategy of buying well-located, high-value employee housing in strong suburban markets. We are heavily invested in Northeast Atlanta and believe in growth momentum that we see along the I-85 corridor from North Druid Hills Road to Sugarloaf Parkway. "
While on ownership, TerraCap plans to reposition Forest Cove by investing in both the indoor and outdoor areas of the property. The property has already demonstrated value creation potential. A previous renovation program earned premiums in excess of $ 200. "We are very excited about the opportunity to add this property to our multi-family portfolio," said Steve Good, TerraCap's National Director of Acquisitions. "This acquisition will complement our existing holdings in the region and our team has a vision to reposition the asset in a growing Atlantic market."
Kevin Geiger from CBRE represented the salesperson in the disposition. TerraCap was created by Robert Kadoori and C.J. Kelly represented CBRE's Debt & Structured Finance division on the financing of the acquisition. Chad DeFoor and Dan Phelan of Franklin Street helped secure the buyer.
Source: TerraCap management