FORT MYERS, Fla., March 8, 2022 /PRNewswire/ — TerraCap Management LLC, a privately held investment firm with its headquarters in Naples, Florida, announced today the acquisition of Estero Oaks, a 280-unit Class-A apartment complex located in the Estero/Fort Myers, FL area.
Steve Hagenbuckle, TerraCap Managing Principal, said, "Estero Oaks is a centrally located apartment complex in southwest Florida that we watched come out of the ground. We know the seller well and have respect for what they have done with the asset. We plan on taking Estero Oaks to the next level, further enhancing the living experience for our residents."
Estero Oaks is strategically located in southwest Florida, which has seen rising rents and compressing vacancies in the past year. The property features one, two, and three-bedroom floorplans with an average unit size of 1,124 square feet. The unit interiors feature wood-style plank flooring, stainless steel appliances, granite countertops, nine-foot ceilings, and a washer and dryer in all units. On-site amenities include a resort-style swimming pool, fitness center, dog park, lake, jogging trail, attached garages, resident lounge with a kitchen and coffee station, and package lockers.
"We’re excited for the opportunity to add Estero Oaks to our holdings in Florida," said Steve Good, TerraCap Partner and Director of Acquisitions. "This property has much to offer residents from a quality, amenity and location perspective. We feel that Estero and southwest Florida will continue to grow both in the long and short-term, and we also feel that this property is well positioned to capture future growth. We enjoyed working with the seller and the JBM team on transaction. We wish all parties the best."
The seller, Royal Palm Companies, was represented by Jamie May of JBM. Greystar was hired as property manager.
About TerraCap Management LLC
TerraCap Management LLC considers thematic factors such as business formation, employment growth and population growth on a market-by-market basis, as most metros and submarkets have different economic-based industries and therefore move through their economic cycles differently. TerraCap makes moderate strategic overweight or underweight to markets, depending on the specific economic drivers influencing supply and demand.
The Investment Manager has been in operation since 2008 with its headquarters located in Naples, FL, the firm also has offices in Tampa, FL, Atlanta, GA, and Denver, CO. As operators, TerraCap believes it can make decisions more efficiently while leveraging expertise from property to property. The firm has over 9 million square feet of commercial assets within its portfolio, with over 1.6 billion dollars of assets under management.
More information can be found at terracapmgmt.com.
For More Information, Contact:
TerraCap Management LLC
SOURCE TerraCap Management