TerraCap Management Expands Raleigh Footprint
A capital improvement plan will upgrade unit interiors and common area amenities.
TerraCap Management LLC is continuing to build its presence in the Raleigh-Durham metro with the acquisition of a 346-unit community in Morrisville, N.C. The firm acquired The Lex at Brier Creek from an undisclosed seller, who was represented by Newmark’s John Munroe. According to Yardi Matrix data, the previous owner was Kettler.
The Lex at Brier Creek offers one-, two- and three-bedroom units with an average floorplan size of 1,131 square feet, along with townhome options. The units were built with 9-foot ceilings and in-unit washer and dryers, but select units offer fireplaces, attached garages, and private patios or balconies. The Lex at Brier Creek’s common amenities include a pool, dog park, playground, clubhouse, business center, fitness center, tennis court, package locker, and barbecue and picnic area.
Located at 200 Wind River Parkway, the community is roughly a mile away from US-70 giving residents a short commute to both Raleigh and Durham’s downtowns. According to Yardi Matrix data, The Lex at Brier Creek is 93.6 percent occupied.
Robert Witt, partner & asset manager at TerraCap, said in prepared remarks that the new ownership will concentrate on enhancing the property’s amenities. Since The Lex at Brier Creek was built in 1999, TerraCap is looking to renovate several portions of the community. The firm’s plans include a new resident lounge next to the existing pool and an outdoor amenity in the middle of the property. The firm is also planning to install new roofing and exterior paint, while the unit interiors will be upgraded with new flooring and light, quartz countertops, and ceramic backsplashes.
Second acquisition in Raleigh-Durham
TerraCap’s acquisition of The Lex at Brier Creek will be the company’s second large-scale multifamily acquisition in the Raleigh-Durham metro this year. In March, TerraCap entered the market by acquiring Amberwood at Lochmere, a 340-unit Class A community in Cary, N.C. Steve Good, partner & national director of acquisitions at TerraCap, said in prepared remarks that the growth numbers in Raleigh are consistently the highest in the U.S. and the company is planning to continue building a long-term presence in the metro.
The firm’s portfolio has more than 9 million square feet of assets across the country. TerraCap’s latest acquisitions were residential and industrial properties in Georgia, North Carolina, and Florida, but the firm looks for value-add acquisitions in the South Atlantic, West Central South and West Mountain regions of the U.S.
Elsewhere in Cary, HHHunt is building Abberly Alston, a community set to offer 330 apartments and 41 build-to-rent townhomes, expected to welcome the first residents by next winter.