Naples, Florida, real estate investor TerraCap Management LLC purchased the 288-unit Eleven 85 apartment complex on Atlanta’s Upper Westside.
Courtesy of Google Maps.
Financial details were not disclosed, but the 9-acre property, located at 1185 Collier Road NW, was valued at $59 million in its latest assessment.
“Eleven 85 is a class A apartment community in a neighborhood that we have studied closely since 2017,” Matt Stewart, TerraCap partner and director of asset management, said in a press release. “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.”
Community amenities include a swimming pool, outdoor kitchen with grilling stations, fire pit, playground, business center and bocce court, while the one-, two- and three-bedroom units offer built-in Bluetooth audio systems and energy-efficient appliances.
Newmark’s David Gutting represented the seller, and First Communities Management was hired as property manager.