TerraCap Divests from Smyrna Apartments for $41M
Privately-held investment firm TerraCap Management has announced the $41.1 million sale of 23 Thirty Cobb Apartments, a 222-unit multifamily community in the northwestern Atlanta suburb of Smyrna.
23 Thirty was acquired by TerraCap in August 2018. During their ownership, TerraCap completed several capital projects at the property, including a new leasing office, new common area amenities, updated landscaping, new exterior paint, and new package lockers. TerraCap also implemented a unit renovation program, upgrading select units and generating significant rent premiums.
“We are thrilled to be exiting this property after completing the goals that we established in our business plan. Our renovation program allowed us to push rents up more than 30% over the previous classic lease,” said Robert Witt, partner at TerraCap. “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 in the sale. The buyer was not disclosed.