Atlanta & Southeast News In Your Inbox
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Metro Atlanta Apartments Trade for $16M
TerraCap Management has sold The Arbors Apartments, a 140-unit multifamily community in the Atlanta suburb of Tucker. The sales price was $16 million.
The firm acquired the property in 2017 as part of a four-property, 1,100-unit multifamily portfolio acquisition for $116 million. Since then, TerraCap renovated several units at the property which saw an increase in rental rates. TerraCap also hired First Communities Management to manage day-to-day operations at the property.
David Gutting of JLL’s Atlanta office represented TerraCap in the transaction. The buyer was not disclosed.
“Geographically this property was the outlier in the larger portfolio acquisition,” said Steve Good, national director of acquisitions for TerraCap. “However, it exceeded our expectations from the start, and we’re pleased with the outcome. We feel it’s a great property and wish new ownership the best.”
For comments, questions or concerns, please contact David Cohen
