TerraCap Sells North Carolina Portfolio
The portfolio included Madison Woods, Terrace at Olde Battleground and Terrace Oaks, all located in Greensboro.
Terrace Oaks
Privately-held investment firm TerraCap Management LLC has sold a portfolio consisting of three Greensboro, N.C., apartment properties for $49.2 million. TerraCap acquired the 456-unit portfolio in a joint venture with Willow Creek Partners for $36.2 million in June of 2017. Since the acquisition, the portfolio has enjoyed increases in rental rates, occupancy levels, tenant satisfaction and rent collections, which TerraCap attributed to effective property management, property upgrades, organic rent growth and unit renovations.
The portfolio included Madison Woods, Terrace at Olde Battleground and Terrace Oaks. With an address at 5505 Tomahawk Drive, Madison Woods is a 51-year-old, 180-unit apartment community offering one-, two- and three-bedroom apartments. Apartments feature individual air conditioning, washer-dryer hook-ups, semi-private entries, private balconies or patios and high-speed Internet access. Among amenities is a fitness center.
Located at 3800 Cotswold Ave., Terrace at Olde Battleground is a 30-year-old apartment community featuring 156 units in a mix of one- to three-bedroom apartments and three-bedroom townhomes. Apartment features include vaulted ceilings, microwave ovens, individual air conditioning, washer-dryer hookups and high-speed Internet access. An on-site car-care center is among common-area amenities.
Situated at 3803 Cotswold Ave., Terrace Oaks is a 34-year-old apartment community featuring 120 one- and two-bedroom apartments. Units feature fireplaces, outside storage, private balconies or patios, washer-dryer hookups and high-speed Internet access. Among the common-area amenities of the property is monitored security.
Value-add strategies
First Communities Management, led by Mitch Harrison and Ed Romano, served TerraCap in an on-site property management role. The selection of First Communities Management as property manager rested on the company’s experience in executing value-add multifamily strategies across an array of communities in the TerraCap portfolio.
Paul Marley, senior director with Cushman & Wakefield Multifamily Advisory Group, represented TerraCap Management on the sale. Several weeks ago, Bell Partners inked an agreement to manage eight apartment communities, including four in Greensboro.
