TerraCap Management Acquires 344 Unit Apartment Complex in Orlando

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Jan 19, 2021, 08:49 ET

ORLANDO, Fla., Jan. 19, 2021 /PRNewswire/ -- TerraCap Management LLC, a privately held investment firm with its headquarters in Naples, Florida, announced today the acquisition of Bridgewater Apartments. Located off Conway Road in Orlando, FL, Bridgewater totals 344 units and features one- and two-bedroom units. The property's amenities include a fitness center, swimming pools, a dog park, and soccer/tennis courts. The property is located minutes from both Orlando International Airport and downtown Orlando.

Steve Hagenbuckle, Founder and Managing Partner of TerraCap said, "This acquisition is consistent with our thematic approach of buying well-located workforce housing in high demand growth markets known for in-migration and employment growth. We are excited about the potential upside of this investment."

Bridgewater has value-add potential due to below market rents that can be increased through both natural rent growth and premium renovations. The property can be repositioned through both exterior and interior renovation programs. "We see this community as a prime candidate for our value-add strategy; attention to operational details combined with interior and exterior upgrades and added amenities can reposition this asset to provide residents with a better environment," said Albert Livingston, Partner and National Director of Asset Management for TerraCap.

Newmark's Senior Managing Director, Ryan Moody represented the seller in the disposition. TerraCap was represented by Matt Williams and Kyle Schlitt of Newmark's Debt & Structured Finance group in arranging financing for the acquisition.

Moody said, "Bridgewater offered the buyer the opportunity to significantly enhance the property and take advantage of the rental growth of the submarket. Bridgewater was located in the Conway submarket within Orlando, which has a ton of new growth and trendy development in the works. The property also has an incredible location proximity to downtown Orlando, the International airport, and medical employment."

Schlitt added, "The sponsor was able to take advantage of the extremely low interest rate environment and will be able to focus the additional cash flow generated from the low rate on property enhancements moving forward."

About Newmark Group, Inc.

Newmark Group, Inc. is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology and industry expertise, Newmark brings ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark Group, Inc. generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.

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 seven million square feet of commercial assets within its portfolio, with over one billion dollars of assets under management.

More information can be found at terracapmgmt.com.

For More Information, Contact:

Steve Good
239.898.4454
TerraCap Management LLC

SOURCE TerraCap Management