TerraCap Administration Broadcasts Acquisition of 240-Unit Versol House Group for $70.35 Million in Bonita Springs, Florida

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TerraCap Management Announces Acquisition of 240-Unit Versol Apartment Community for $70.35 Million in Bonita Springs, Florida

BONITA SPRINGS, FL – TerraCap Management, a private investment company headquartered in Naples, Florida, announced the acquisition of Versol Apartments for $ 70.35 million. The building with 240 units in an ideal location in Bonita Springs was built in 2020 and is currently 100% rented.

Steve Hagenbuckle, Founder and Managing Partner of TerraCap, said, "The fact that Versol is new and in the heart of Southwest Florida was very appealing to us. The location of the vacation destination allows us to have creative bespoke leasing programs for full-time and part-time residents and tourists. And all with a view to the added value. As usual, the transaction was handled professionally by the JBM team. "

Versol Residences has spacious one, two and three bedroom units with average unit sizes of just under 1,100 square feet. The interiors of the unit feature quartz counters and vanity tops, Shaker style cabinets, stainless steel appliances, tile mirrors, wooden floorboards in the living areas, 2.50 m high ceilings, large windows, and a washer and dryer in each unit. The communal facilities include a clubhouse with a coffee / tea bar and kitchen, a swimming pool, an outdoor kitchen with gas grills, a fire pit, a fitness center, a bowling green, a dog park, parcel acceptance and a cleaning station.

The town of Bonita Springs, where the property is located, has seen a population growth of over 35% since 2010. The property is just off US-41 and is just minutes from nearby Barefoot Beach. "We saw this as an opportunity to purchase a unique property in our own backyard," said Steve Good, TerraCap's National Director of Acquisitions. “The apartments are of high quality with first-class equipment and location. There are high quality retail stores with Coconut Point to the north, Mercato to the south, the beach to the immediate west, and access to I-75 to the east. In our opinion, its location cannot be compared. "

The seller, Milhaus, was represented by Jamie May from JBM. Milhaus remained as the caretaker.

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