TerraCap Acquires Raleigh-Area Community
This is the company’s first acquisition in the metro.
TerraCap Management LLC has bought Amberwood at Lochmere, a 340-unit community in Cary, N.C. The Beach Co. is the former owner of the asset, according to Yardi Matrix data. The seller was represented by Howard Jenkins of CBRE and First Communities Management was tapped as property manager.
The 31-acre property came online in phases, in 1991 and 1996, and features one-, two- and three-bedroom apartments. Amenities include two swimming pools, two fitness centers, two dog parks, a clubhouse, carwash station, playground and sports court, among others.
Located at 100 Eclipse Drive, the community is approximately 9 miles from downtown Raleigh, 24 miles of Durham and has easy access to Claude E. Pope Memorial Highway. The property is roughly 3 miles from Hemlock Bluffs Nature Preserve with the Lochmere Golf Club nearby. Dining and retail options are available in the surrounding area.
Amber at Lochemere is TerraCap’s first multifamily acquisition in the Raleigh area. The market continues to show strengthening fundamentals, boosted by an influx of remote workers, and has recorded strong growth during 2021 and going into this year, according to recent Yardi Matrix report.