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TerraCap Management Acquires Second Raleigh-Durham Mutlifamily
Naples, FL-based TerraCap Management LLC, has acquired The Lex at Brier Creek, a 1999-built, 346-unit apartment complex located in the Raleigh-Durham submarket of Morrisville, NC.
John Munroe of Newmark represented the seller in the disposition. First Communities Management was hired as property manager.
This acquisition will be TerraCap’s second multifamily acquisition in the Raleigh-Durham metro area this year; in March it closed on Amberwood at Lochmere in Cary, NC.
“Our thesis is to invest in what our metrics indicate are high growth markets, and we believe in the growth story that the Raleigh metro has to offer,” said Steve Good, TerraCap partner and national director of acquisitions. “The growth numbers in Raleigh are consistently in the top of the nation, so we hope to continue building our long-term presence in this dynamic market.”
TerraCap plans to implement a premium renovation program at The Lex at Brier Creek to improve tenants’ living experiences.
- ◦Sale/Acquisition
