TerraCap Management has sold The Crossings at Holcomb Bridge Apartments, located in a northern suburb of Atlanta. The seller was not disclosed.
TerraCap acquired the 268-unit apartment complex for $27.3 million in September 2017 as part of a four-property, 1,100-unit multifamily portfolio purchase totaling $116 million. Since acquisition, TerraCap's combined strategy of property upgrades, organic rent growth and unit renovations caused a significant increase in rental rates at the 1984 vintage property.
Robert Witt, TerraCap asset manager, said, “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. 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 percent increase in the monthly
