TerraCap Sells Atlanta-Area Community for $16M
- Dec 23, 2019
TerraCap Management has sold The Arbors, a 140-unit multifamily asset in Tucker, Ga., for $16 million. TerraCap had acquired the property in September 2017 from BH Equities, as part of a $116 million, 1,100-unit portfolio purchase.
Constructed in 1986, the seven-building community comprises one-, two- and three-bedroom units. After purchasing the asset, TerraCap renovated several apartments, increasing the rental rates. Common-area amenities at The Arbors include a swimming pool, a fitness center and laundry facilities. T 93.6 percent occupied as of November, according to Yardi Matrix data.
Located at 100 Arbor Circle on roughly 10 acres, The Arbors is roughly 20 miles northeast of downtown Atlanta. The community is very close to the intersection of Jimmy Carter Boulevard and Lawrenceville Highway, which offers a handful of retail options, including a Home Depot and several restaurants.
David Gutting of JLL represented the seller in the transaction. In June, Gutting assisted the seller of a 196-unit upscale garden community in Sandy Springs, Ga. The asset was acquired by StoneBridge Investments, for $33.4 million.