TerraCap Purchases Two Austin-Area Communities
Completed in 2022, the properties are located about 20 minutes from downtown Austin.
TerraCap Management LLC has added more than 600 multifamily units to its Austin metro portfolio with the acquisition of two communities in Pflugerville, Texas. The firm acquired The Dalton and The Beacon at Pfluger Farm but didn’t disclose the acquisition prices for either transaction. According to Yardi Matrix data, The Dalton was previously owned by Trez Capital and The Beacon at Pfluger Farm’s previous owner was Thompson Realty Capital.
The Dalton totals 350 units in one-, two- and three-bedroom floorplans ranging from 619 to 1,324 square feet. The units were built with farmhouse kitchen sinks, walk-in closets, and energy-efficient windows, while the community’s amenities include a pool, coffee bar, self-serve wine membership, fitness center, dog park and wash, and remote work and study spaces. According to Yardi Matrix data, The Dalton is 72 percent occupied.
The smaller of the two communities, The Beacon at Pfluger Farm offers 258 units in one-, two- and three-bedroom floorplans ranging from 600 to 1,351 square feet, according to Yardi Matrix data. The units have kitchen islands, walk-in closets and a balcony or patio, while the common amenities include a pool, a fitness studio, an outdoor fireplace, a dog park and a TV lounge.
Both The Dalton and The Beacon at Pfluger Farm were built in 2022 and are located roughly 20 minutes from downtown Austin. Steve Hagenbuckle, founder & managing partner at TerraCap, said in prepared remarks that the double acquisition brings TerraCap’s portfolio of Class A new apartment holdings in the Austin area to approximately 1,000 units.
Staying active in the Austin market
While TerraCap is headquartered in Naples, Fla., the firm will continue to look for future opportunities within the Austin market, Steve Good, partner & national director of acquisitions at TerraCap, said in prepared remarks. Good added that Pflugerville is one of the fastest-growing communities in the area.
TerraCap has also invested in other Austin suburbs, after acquiring a recently-built 337-unit community in September. The firm’s portfolio spans industrial and office properties, but its multifamily holdings include communities throughout Florida, in the Raleigh-Durham metro in North Carolina and in Atlanta. More recently, TerraCap sold its 240-unit community in Bonita Springs, Fla., for $87.3 million.