Franklin Street’s Chad DeFoor and Dan Phelan, of the firm’s Atlanta based multifamily investment sales team, recently helped secure a buyer for a 638-unit apartment asset in the northeastern Atlanta suburb of Doraville. TerraCap Management LLC, a privately held investment firm headquartered in Naples, Florida, acquired the community, called Forest Cove Apartments.
The garden-style apartment complex sits on 78 acres and features one, two and three-bedroom units. The property’s amenities include a pool, a fire pit, a grilling area, a dog park, two playgrounds and two soccer fields.
TerraCap plans to reposition Forest Cove by investing into both the interiors and the exteriors of the property. The asset already has proven value-add potential, with a previous renovation program achieving premiums over $200.