Courtesy of TerraCap Management.
Naples, Fla.-based TerraCap Management LLC acquired the 354-unit Reserve at Peachtree Corners apartment community in the North Gwinnett submarket for an undisclosed mount.
The class-B complex was built in 1985 and features one-, two- and three-bedroom units. On-site amenities include a pool overlooking a private lake, fitness center, lakeside clubhouse, dog park and playground, TerraCap said in a press release.
The privately held investor said it plans to reposition the property to take advantage of the current rent growth of the local submarket, which has outpaced the metro Atlanta average over the last year, through several capital projects, including renovations of unit interiors. The acquisition follows TerraCap’s $41.1 million sale of the 23 Thirty Cobb multifamily community in Smyrna in June.
“As commercial property owners in Peachtree Corners, we have studied the area for the past three years and believe the multifamily properties in the immediate area will continue to have strong demand and limited new supply,” TerraCap director of asset management Matt Stewart said in the release. “The Reserve at Peachtree Corners has strong surrounding amenities, great access to employment districts and a spacious 45-acre site with a lake, creating a unique value-add story to residents. Our capital plan is geared towards updating unit interiors, renovating the clubhouse and boosting the overall curb appeal to meet the market demand. These improvements, together with strong organic rent growth, give us a great opportunity for success with our first multifamily in Peachtree Corners.”
Bill Shippen of JLL represented the seller in the transaction. TerraCap hired First Communities Management as property manager.