TerraCap Management Acquires 337-Unit Apartment Complex in Austin MSA

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Sep 12, 2022, 08:52 ET

CEDAR PARK, Texas, Sept. 12, 2022 /PRNewswire/ -- TerraCap Management LLC, a privately held investment firm with its headquarters in Naples, Florida, announced today the acquisition of Latitude at Presidio, a 2017-built, 337-unit apartment complex located in the Cedar Park suburb of Austin, TX.

Steve Hagenbuckle, TerraCap Founder and Managing Partner, said, "Our team has been evaluating Austin, TX for the right quality multifamily community, in the right location, with the latest and greatest in modern resort style amenities. We feel Latitude at Presidio is best-in-class and matches our criteria and more for our respected residents. The atmosphere at Latitude is exciting and refreshing!"

Latitude at Presidio features one, two, and three-bedroom units with an average floorplan size of 959 square feet. The units feature stainless steel appliances, euro style cabinetry, USB charging ports, ceramic tile backsplash, and white quartz countertops. The property is located just off of I-35 and is 25 minutes from downtown Austin. The property's amenities include a swimming pool, a billiard and gaming room, an outdoor kitchen with grilling stations, a dual level fitness center, a coffee bar, an outdoor lounge area with fire pits, and a dog park.

"We are excited to add what we feel is another best-in-class community to our portfolio," said Steve Good, TerraCap Partner and National Director of Acquisitions. "Our general thesis is to invest in high quality properties in growth markets, and we feel there is a compelling case to made for both this property and the Austin MSA overall. Our goal is continue finding more opportunities and continue building our long-term presence in this dynamic market."

Matt Pohl and Kevin Dufour of Walker & Dunlop represented the seller in the disposition. ZRS Management 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 overweighting or underweighting 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 10 million square feet of commercial assets within its portfolio, with over 2.1 billion dollars of assets under management.

More information can be found at terracapmgmt.com.

For More Information, Contact:

Matthew Hart
239.494.8922
TerraCap Management LLC

SOURCE TerraCap Management