ROSWELL, GA – TerraCap Management, a private investment company headquartered in Naples, Florida, announced the acquisition of Enclave at Roswell, a 236-unit Class B apartment complex in the northern Atlanta suburb of Roswell, GA. Enclave at Roswell was built in 1985 and has one, two, and three bedroom units. On-site amenities include a pool, fitness center, dog park, outdoor sports area, playground and coffee bar.
"We are excited to acquire our second apartment complex in Roswell," said Matt Stewart, TerraCap Director of Asset Management. "Acquiring a property in the central North Fulton location with relatively low rents and very limited new supply provides us with a good basis to upgrade the property to capture the demand for updated finishes and fresh common areas. We believe this based on our experience Sub-market that our planned improvements will enhance the living experience we can provide Enclave residents and meet our investment goals. "
Enclave at Roswell is in the North Fulton submarket with rising rents and low vacancy rates. TerraCap intends to capitalize on the property's appreciation potential by investing in a world class renovation program and multiple outdoor investment projects such as updated landscaping and repainting.
Steve Good, TerraCap National Director of Acquisitions, said, "We are excited about the opportunity to acquire an asset in an area with accelerated growth potential. We believe Enclave has potential as we have previously met our underwriting goals within the company. " this sub-market in a similar asset class. We are grateful to David Gutting for another smooth close with the Newmark team. "
David Gutting from Newmark represented the seller in the disposition. First Communities Management was hired as property manager.
Source: TerraCap management