SMYRNA, GA – TerraCap Management, a private investment firm based in Naples, Florida, announced the sale of 23 Thirty Cobb Apartments for $ 41,100,000. The apartment complex with 222 units is located in the northwest Atlanta suburb of Smyrna.
23 Thirty was acquired by TerraCap in August 2018. During her ownership, TerraCap completed several capital projects on the property, including a new rental office, new common areas, updated landscaping, a new exterior paint and new parcel lockers. TerraCap also carried out a residential unit renovation program that modernized selected residential units and generated substantial rental premiums.
Robert Witt, TerraCap Partner and Asset Manager, said: “We are very excited to leave this property after we have achieved the goals of our business plan. Our renovation program has enabled us to increase rents by more than 30% compared to the previous classic lease. " This was a property with solid performance that is well equipped for further growth in the future due to the existing classic units in the property and the organic rental growth in the Atlanta area. "
23 Thirty is ideally located in Smyrna, GA with access to on-demand facilities like The Battery, a 1.5 million square foot mixed-use residential area adjacent to Truist Park, home of the Atlanta Braves. Matt Stewart, TerraCap Partner and Director of Asset Management, said, “We are very pleased with the results of the 23 thirty sale of well-located residential communities. Smyrna offers excellent access to nearby facilities and job centers across Cobb County. We are grateful to First Communities and CBRE for helping us achieve the goals of our business plan. "
Source: TerraCap management