September 8, 2020
Privately held investment firm TerraCap Management has sold The Crossings at Holcomb Bridge Apartments, a 268-unit apartment community in Atlanta’s northern suburb of Roswell. The sales price was $39 million. David Gutting of Newmark Knight Frank represented TerraCap in the transaction. The buyer was not disclosed.
TerraCap acquired the complex, which was built in 1984, for $27.3 million in 2017 as part of a four-property, 1,100-unit multifamily portfolio. Since acquisition, the firm has implemented a number of property upgrades, and unit renovations, which has led to a significant increase in rental rates at the property.
“When we bought the Holcomb property, we saw the opportunity to capitalize on a well-located asset with strong demographics, access to public transit, and in-place rents that were well below the competitive properties,” said Robert Witt, Asset Manager at TerraCap. “We executed a capital plan to update the exteriors, renovate unit interiors, and improve the quality of onsite management. The physical and operational improvements generated a 33% increase in the monthly rents from $787 to $1,046 over three years.”
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