TerraCap Buys Nearly 700 Units in Florida
The two assets previously traded for a combined $133 million.
TerraCap Management has acquired two Florida properties totaling 698 units from ApexOne Investment Partners. Walker & Dunlop represented the seller of the 2021-completed communities. Going forward, ZRS Management will serve as their property manager.
The asset duo comprises The Napier, a 380-unit community in Daytona Beach, Fla., and West End at City Walk, a 318-unit property in Fort Myers, Fla. ApexOne had acquired them for a combined $133 million in 2021 and 2022, respectively, according to Yardi Matrix information.
Since 2009, TerraCap has invested $3 billion across the U.S., targeting multifamily, industrial and office assets. The firm’s residential portfolio includes 26 properties totaling 7,262 units, according to its website.
The two Florida communities, up close
Located at 2351 N. Williamson Blvd., The Napier encompasses one- to three-bedroom layouts averaging 1,120 square feet. Amenities include two spas, a waterscape and a swimming pool, but also conference rooms, club seating and social areas, among others.
The community is across the street from an Advent Health hospital campus, roughly 8 miles northwest of downtown Daytona Beach.
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TerraCap paid nearly $71.6 million for West End at City Walk, according to public records, marking a discount of 11.9 percent compared to its 2021 sale of $81.2 million, the data provider shows. Ameris Bank issued a $47.8 million acquisition loan for the current purchase.
This four-story community comprises one- and two-bedroom floorplans averaging 874 square feet. Amenities include a swimming pool, game room, pet spa and park, gym and rooftop terrace.
West End at City Walk is at 2250 McGregor Blvd., within walking distance of the Caloosahatchee River and Fort Myers’ downtown area, where several dining and retail options, as well as transit stops, can be found.
Walker & Dunlop Managing Directors Brian Moulder, Chris Chadbourne and Dhaval Patel represented ApexOne.
Southwest Florida Coast’s resilient investment
The multifamily transaction volume across the Southwest Florida Coast increased 7.3 percent year-over-year, landing at $544.6 million year-to-date through October, Yardi Matrix data shows.
West End’s sale reflected broader trends across the metro, as units got cheaper, albeit by just 1.9 percent, the same source reveals. Apartments traded on average for $196,169 during the first 10 months, below the $225,000 per-unit price the property commanded.
