A privately held investment firm in Naples, Fla., sold a 222-room apartment community in Smyrna for $41.1 million.
TerraCap Management LLC acquired the property, 23 Thirty Cobb Apartments, in August 2018. Since then, the firm completed several capital improvements, including a new leasing office, new common-area amenities, updated landscaping, new exterior paint and new package lockers, according to a press release.
TerraCap also launched a unit-renovation program at the Cobb County community, upgrading select units and generating “significant” rent premiums in the process.
“Our renovation program allowed us to push rents up more than 30% over the previous classic lease,” TerraCap partner and asset manager Robert Witt said in the release. “This was a solid-performing property that is poised for more growth in the future due to the existing classic units at the property and the organic rent growth in the Atlanta area.”
Keith Geiger of CBRE represented TerraCap on the sale, while First Communities Management represented the company on property management.
The buyer of the property was not disclosed.