TerraCap Expands in Florida
Capital improvements are planned for the firm's latest purchase in Fort Myers.
TerraCap Management LLC has acquired Estero Oaks, located in the Estero-Fort Myers, Fla., area. The seller, Royal Palm Cos., was represented by Jamie May of JBM. Bearing an address at 9940 Estero Oaks Drive, the 280-unit, Class A apartment community features one-, two- and three-bedroom apartments with floor plans averaging 1,124 square feet in size.
Among the features and finishes of the apartments are wood-style plank flooring, 9-foot-tall ceilings, bay windows, double vanities and in-unit washer and dryers. A resident lounge with kitchen and coffee station is among the most prominent common-area amenities at Estero Oaks. Greystar has been hired as property manager.
The neighborhood in which Estero Oaks is situated, approximately 5 miles northeast of Fort Myers’ city center, is located near the Yellow Fever Creek Preserve. Additional notable features of the surrounding area include a network of canals well stocked with bass, as well as a number of small lakes.
The area is also home to Broadway Shoppes, a shopping center situated about 2.3 miles from the apartment community. Three colleges and universities are located within 11 miles of Estero Oaks. They are Florida Gulf Coast University, Southwest Florida College and Edison State College.
In a prepared statement, TerraCap officials noted the property’s top selling points include its high quality, its suite of amenities and the centrally-situated Southwest Florida location it occupies. TerraCap is very familiar with the seller, watched as the property was being constructed and respects the way it has been operated. The firm anticipates making improvements that will enhance the residents’ living experiences.
Last month, JLL Capital Markets arranged $41 million in acquisition financing for a Fort Myers luxury community.