TerraCap Sells Florida Asset for $87M
The company acquired the property in 2021 for $70.3 million.
Versol Residences. Image courtesy of TerraCap Management LLC
TerraCap Management LLC has sold Versol Residences, a 240-unit multifamily community in Bonita Springs, Fla., for $87.3 million—or $363,542 per unit. JBM brokered the deal for the seller, which, according to Yardi Matrix data, acquired the property in 2021 for $70.3 million.
Built in 2020, the Class A+ asset encompasses 10 buildings, incorporating one-, two- and three-bedroom floorplans. Apartment interiors feature quartz counter tops, stainless steel appliances, tile backsplash, faux wood plank flooring, 9-foot ceilings and a washer and dryer in each unit. Community amenities include a clubhouse, swimming pool, outdoor kitchen, fire pit, fitness center, bocce court and dog park.
Located at 28790 Versol Drive, the property is 3 miles from Barefoot Beach and within 5 miles of two major hospitals. The site is situated near U.S. Highway 41, placing it near a retail corridor which provides numerous shopping and dining options.
TerraCap Founder & Managing Partner Steve Hagenbuckle stated in prepared remarks that the rapid value creation by the company’s asset management team helped the firm execute its exit strategy three years earlier than anticipated.  Mark Hardee, TerraCap asset manager, credited the fast completion of the company’s business plan to in-migration and long-term demographic changes, which have been accelerated by the pandemic.
The JBM team involved in the deal included Chairman & CEO Jamie May and President & Co-Founder Eddie Yang. Earlier this year, May also represented the seller in TerraCap’s purchase of a 280-unit community, located 10.6 miles from the current site.
