MORRISVILLE, NC – TerraCap Management, a privately held investment firm with its headquarters in Naples, Florida, announced the acquisition of The Lex at Brier Creek, a 1999-built, 346-unit apartment complex located in the Brier Creek neighborhood in Morrisville, NC.
This acquisition will be TerraCap’s second, large scale multifamily acquisition in the Raleigh-Durham metro area this year. The firm continues to increase their investment in the Raleigh-Durhammarket, as TerraCap previously closed on Amberwood at Lochmere in March 2022. Amberwood is a 340-unit, Class A property and is located in nearby Cary, NC.
“Our thesis is to invest in what our metrics indicate are high growth markets, and we believe in the growth tale that the Raleigh metro has to offer,” said Steve Excellent, TerraCap Partner and National Director of Acquisitions. “The growth numbers in Raleigh are consistently in the top of the nation, so we hope to continue building our long-term presence in this dynamic market.”
The Lex at Brier Creek features one, two, and three-bedroom units with an average floorplan size of 1,131 square feet. TerraCap plans to implement a premium renovation program to improve tenants’ living experiences. The property is located just off of US-70 and provides accessibility to both downtown Raleigh and downtown Durham. Amenities at the property include a swimming pool, a nature trail, an outdoor kitchen with grilling stations, a children’s playground, a business center, a tennis court, and a dog park.
Robert Witt, TerraCap Partner and Asset Manager, added, “Our goal is to concentrate on enhancing the property’s amenities, such as a new tenant lounge next to the pool and a new outdoor tenant amenity in the middle of the property. The property will also get new roofing and exterior paint work done. Our interior premium upgrades, which will feature new quartz countertops, ceramic backsplashes, LTV flooring, and new lighting in each remodeled apartment, will be our other key focus.”
John Munroe of Newmark represented the seller in the disposition. First Communities Management was hired as property manager.

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DALLAS, TX – S2 Capital announced it has bought a 14-property portfolio across Dallas-Fort Worth and Houston. The portfolio totals 4,455 units across 14 assets built in 1979-1987. S2, a national multifamily investor with more than $10 billion in transaction volume, is making this investment from its S2 Multifamily Value-Add Fund 1. Terms of the transaction were not told.
With this transaction, S2 overtakes Blackstone as the #1 most active buyer of multifamily in Dallas-Fort Worth for the past five years according to Real Capital Analytics.
Over the next two years, S2 plans to renovate the exterior and interior of each asset in order to offer current and prospective residents an enhanced community experience. The exterior enhancements will be tailored around improved swimming pools, fitness centers, clubhouses, leasing offices, repainting, refreshing siding, and upgrading balcony enclosures. Interior enhancements will focus on new flooring, countertops, appliance packages, kitchen tile, shower tile, light fixtures, and hardware.
“The run up in mortgage rates for the single-family market has exacerbated a broader affordability issue leaving a lot of people looking to rent as the more affordable option. We are excited about this portfolio because while people start searching for affordable housing options, we don’t believe that should be associated with an outdated community experience,” said Ryan Everett, VP of Acquisitions at S2. “The majority of the amenities and features at these properties date back to their original development roughly 40 years ago. Our plotted property improvements will increase the supply of quality housing that is essential to sustaining desirable communities and meeting local employer needs, which will benefit both our tenants and investors,” he added.

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DAVIE, FL – Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., announced it has broken ground on Modera Academical Village, a contemporary mixed-use apartment community in the western Broward County market.
The community, which will be developed in two phases in conjunction with equity partner FCP, will feature a combined 793 apartment homes and approximately 16,000 square feet of ground-floor retail space. Positioned just east of S. University Drive and just west of Nova Southeastern University, Modera Academical Village is the residential component of the larger Academical Village Master Plot, which will ultimately include 2.5 million square feet of premier retail, residential, hotel, office and medical space.
First go-ins for Phase I, which will include 397 homes, are anticipated for fall 2024. Phase II will include 396 homes with start of construction targeted for April 2024 and first go-ins for summer 2026.
“We’re excited to be a part of this unique master-plotted village, which we believe will be among the most attractive and charismatic locales in the area,” said Andrea Rowe, senior managing director of development in South Florida for Mill Creek Residential. “While we’re prepared to offer the quintessential Modera by Mill Creek experience to our residents, we also are keen to do our part to enhance the village as a whole. With the NSU campus and newly-opened University Hospital essentially in our backyard, we’ll be in an active area with many exceptional employment opportunities within walking distance.”
Situated at 3440 SW 76 Terrace, Modera Academical Village is being built to a National Green Building Standard silver certification level. When complete, the surrounding Academical Village will include a tree-lined central boulevard that intersects a road that circles the NSU campus, a pedestrian bridge connecting to the campus and a large outdoor plaza with fountains and outdoor seating areas.
With its proximity to S. University Drive, the area’s key north-south thoroughfare, the site boasts an extremely commuter-friendly location. All of South Florida’s primary expressways are easily accessible, including Interstates 595, 75 and 95 along with the Florida Turnpike. Many of the area’s key employment centers, schools and medical facilities are within a small commute and Fort Lauderdale-Hollywood International Airport sits 10 minutes away. Within the western Broward County area, future residents will have access to an abundance of key retailers, a wide variety of dining options and grocers.
Modera Academical Village will offer studio, one-, two- and three-bedroom apartment homes with den layouts available. Community amenities will include an outdoor swimming pool with grilling area, rooftop deck, outdoor dining, resident clubhouse, onsite dog park and pet spa, landscaped courtyards and a club-quality fitness center with cardio equipment, group fitness area, yoga/Pilates studio and TRX system. Residents will also have access to coworking spaces and a conference room, a package locker system, community wide Wi-Fi, controlled entry and guest access, garage parking, EV-charging stations, dedicated bike storage and opportunities for additional storage space.
Apartment interiors will include nine-foot ceilings, wood plank-style flooring, stainless steel appliances, quartz countertops, tile backsplashes, pull-down faucets, kitchen islands, soft-close cabinets, in-home washers and dryers, walk-in closets, built-in shelving, USB ports, keyless entry system and smart thermostats. Bathrooms will include double vanities, linen closets, soaking tubs and additional high-end features.
Modera Academical Village adds to Mill Creek’s robust South Florida presence, as the company continues to bolster its portfolio in Miami, Fort Lauderdale and the surrounding area.

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