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TerraCap Management LLC, a privately held investment firm with its headquarters in Naples, Florida, announced the acquisition of Eleven 85, a 2014-built, 288-unit apartment complex located in Atlanta, GA. Amenities at the property include a swimming pool, an outdoor kitchen with grilling stations, a fire pit, a children’s playground, a business center, and a bocce ball court.
Steve Hagenbuckle, TerraCap Founder and Managing Partner, said in a statement, “The TerraCap team is enthusiastic about adding the Eleven 85 multifamily community to our growing residential portfolio. The location, nearby amenities, and quality of the surrounding communities and employment centers is consistent with our team’s thesis and overall strategy of investing in only desirable high growth markets.”
Eleven 85 features one, two, and three-bedroom units. The units feature modern design features such as built-in Bluetooth audio systems and energy efficient appliances. The property is located in Atlanta’s Upper Westside Enclave, just off of I-75, providing connectivity to employment throughout the Atlanta metro.
Matt Stewart, TerraCap Partner and Director of Asset Management, said, “Eleven 85 is a Class A apartment community in a neighborhood that we have studied closely since 2017. Nestled among single-family home neighborhoods currently averaging $650,000, the property enjoys walkable neighborhood amenities and has direct access to Buckhead and Midtown where there are a significant number of new inbound jobs that are currently paying well in excess of the current median income for the area. We are excited to add what we believe is another best-in-class community to our portfolio.”
David Gutting of Newmark represented the seller in the disposition. First Communities Management was hired as property manager.