TerraCap Management Acquires Bonita Springs, FL Apartment Complex for $70.35 Million
Steve Hagenbuckle, Founder and Managing Partner of TerraCap said, "Versol being new and in the heart of Southwest Florida was of great appeal to us. Its vacation destination location will allow us to offer creative custom leasing programs for full time and part time residents as well as tourists. All of this with an eye on value creation. The transaction was professionally managed, as usual, by the JBM team."
Versol Residences features spacious one, two, and three-bedroom units with average unit sizes just under 1,100 square feet. The unit interiors feature quartz counter and vanity tops, shaker-style cabinetry, stainless steel appliances, tile backsplash, faux wood plank flooring in the living areas, nine-foot ceilings, large windows, and a washer and dryer in each unit. Common area amenities include a clubhouse with a coffee/tea bar and a kitchen, a swimming pool, an outdoor kitchen with gas grills, a fire pit, a fitness center, a bocce court, a dog park, package receiving, and dry cleaning drop off.
The city of Bonita Springs, where the property is located, has seen over a 35% increase in population since 2010. The property is located just off U.S. 41 and is minutes from nearby Barefoot Beach. "We saw this as an opportunity to acquire a unique property in our own backyard," said Steve Good, National Director of Acquisitions for TerraCap. "The apartments are quality construction with top-notch amenities and location. There is high-end retail shopping with Coconut Point to the north, Mercato to the south, the beach to the immediate west, and access to I-75 to the east. Its location, in our opinion, cannot be matched."
The seller, Milhaus, was represented by Jamie May of JBM. Milhaus was retained 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 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.
Naples, FL Local News of Importance for Residents and Businesses
Naples Board and Committee Appointments 2018
NAPLES - Naples City Council recently made the following appointments:
COMMUNITY REDEVELOPMENT AGENCY ADVISORY BOARD (2-YEAR
David Bartley, a licensed real estate broker with Bartley Realty, LLLP. He has
an extensive background in residential and commercial real estate, project
management and land development.
Raymond Christman, Chief Executive Officer of RPRC Consulting which
provides strategic advisory services to the foundation, non-profit, and
Eva Corso, Owner, E & G Corso, Inc. Cosmos Café and Pizzeria and Mela
Antonio Dumornay, President and Chief Executive Officer for International
Chemistry United, Inc.
Quenby Tyler, Owner of Audrey’s of Naples for 15 years on 10th Street North.
Stephen Swain, Co-owner and Chief Financial Officer of Chrome Capital
Group, LLC, the nation’s largest lessor of Harley-Davidson motorcycles.
NAPLES AIRPORT AUTHORITY (4-YEAR TERM)
James Rideoutte, retired Naples Players Executive Director.
Naples to Test New Voting Equipment on February 6th 2018
The logic and accuracy test of the vote tabulation equipment for the February 6, 2018 City of Naples General
Election will be held on Tuesday, January 30, 2018 at 10:00 a.m. in the Office of the Supervisor of Elections,
3750 Enterprise Avenue, Naples, FL 34104.
Any person who decides to appeal the decision of this test will need a record of the proceedings pertaining
thereto, and therefore may need to ensure that a verbatim record of the proceedings is made, which record
includes the testimony and evidence upon which the appeal is to be based.
If you need special accommodations to attend these meetings because of disability, please notify this office.
Pursuant to Florida statutes 102.141(2), you are hereby advised that the official Canvassing Board Calendar for the Tuesday, February 6, 2018 city of Naples election will commence promptly as follows at the supervisor of elections office, 3750 enterprise Avenue, Naples, Florida 34104: Logic and Accuracy Test and Authorize Processing of Vote-by-Mail Ballots January 30, 2018 10:00 a.m. Review of Vote-by-Mail Ballots and Preliminary Results February 6, 2018 5:00 p.m. Review of Provisional Ballots, Official Results, Official Certification, Conduct of Election Report and Selection of Precinct and Race for the Manual Audit February 8, 2018 5:05 p.m. Manual Audit of the Election February 14, 2018 10:00 a.m. If any elector or candidate present at the canvass of the vote-by-mail ballots believes any ballot is illegal due to any defect apparent on the voter’s certificate, he or she may file a protest against the canvass of such voteby-mail ballot any time before the ballot is removed from the outer return envelope. Any person who decides to appeal a decision of this board will need a record of the proceedings pertaining thereto, and therefore may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based.
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