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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.


Inside The Story

TerraCapCBRE’s Geiger

About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

  • ◦Sale/Acquisition
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