Terracap Acquires South Florida Community For $70M

by multihousingnews.com posted 3weeks ago 2 views
The firm bought the fully leased Versol Apartments in Bonita Springs, Fla.: TerraCap Management LLC has acquired a newly built apartment community that’s fully occupied in Bonita Springs, Fla. The firm purchased Versol Apartments from Milhaus for $70.4 million. TerraCap also retained Milhaus, who built the community in 2020, as the community’s property manager. JBM’s Jamie May represented Milhaus in the sale, while TerraCap was represented in-house, Steve Good, national director of acquisitions at TerraCap, told Multi-Housing News. The 240-unit Versol Apartments includes studio, one-, two- and three-bedroom floorplans that average nearly 1,100 square feet.

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