FORT MILL, SC – TerraCap Management, a privately held investment firm with its headquarters in Naples, Florida, announced the acquisition of Palmetto Place, a 184-unit Class-B apartment complex located in Fort Mill, SC. Fort Mill is located less than 20 miles from Charlotte, NC. Palmetto Place was built in 1996 and features one, two, and three-bedroom units with an average unit size of 965 square feet.
Steve Hagenbuckle, Founder and Managing Partner of TerraCap, said, “We are excited to expand our geography into South Carolina. Fort Mill embodies all the characteristics of our TerraCap thesis of investing in high-growth markets that our research shows offers affordability, high quality of life, and new investments in commerce, amenities, and retail. Palmetto Place is a bright representation of what is attractive in multifamily living.”
Palmetto Place is located in the York Countysubmarket of SC. York County has seen consistently rising rents since 2009 as well as falling vacancy since 2017. Fort Mill itself is one of the fastest growing cities in the United States according to the U.S. Census Bureau. With the area’s rapid population growth along with Palmetto Place’s below-market rents, the property already has value-add potential, which will be further enhanced through a premium renovation program.
“Fort Mill is an area that we’ve had our eye on for a while now. But, it’s a tough market to enter because there’s just not a lot of buying opportunities,” said Steve Excellent, TerraCap’s National Director of Acquisitions. “Palmetto is a fantastic fit for what we are looking for: centrally located, plenty of amenities at the property and immediate area, and a low supply market with barriers to entry. These factors, along with rising population growth, make it an ideal candidate for us. We’re excited for the opportunity to enter this market.”
Andrea Howard of NorthMarq represented the seller in the disposition. First Communities Management was hired by TerraCap as property manager.

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GLENDALE, WI – Cypress Residential Development, in partnership with North American Development Group, recently bought four acres on the edge of Bayshore Town Center in Glendale WI to construct a 400,000-square foot luxury apartment complex. The complex will consist of four apartment buildings with 311 units consisting of studio, one, two and three bedrooms.
“We at Cypress are so proud of what we have achieved at Bayshore. It’s much more than a shopping destination–it’s a right mixed-use village. With the addition of high-end residential, Bayshore will reach its full potential as a multi-dimensional community and will appeal to a range of residents from Milwaukee’s North Shore and beyond,” said Cypress CEO, Chris Maguire.
Engberg Anderson Architects is the architect and interior designer, Graef provided the landscape design and civil engineering services, and Stevens Construction Corp is the general contractor. The apartments will break ground immediately with an anticipated completion date in the summer of 2023.
This luxury development consists of four buildings each featuring best in class amenities. Project amenities will include: a state-of-the-art fitness center, wifi-enabled conference rooms and work spaces, lounges equipped with kitchens and TVs, mail room with package service, and tenant storage. One of the buildings will boast a dramatic indoor/outdoor lounge on the top floor overlooking the plaza and pool area. Large outdoor plazas will have seating and lush landscaping, offering a serene sense of connection throughout the complex. Units have open floor plans with quartz countertops, nine-foot ceilings, full suite of modern appliances including a washer and dryer, hard surface flooring, and stoops or balconies for every unit.
“These residences will feature top-of-the-line finishes, and will be a small walk away from high quality shopping, dining and year-round entertainment,” said John Ausburn, Cypress project lead. “Our residents will have simple access to surrounding communities like Whitefish Bay, Shorewood and Glendale or a small commute to downtown Milwaukee. This development is designed for those who want to live in the heart of Milwaukee’s North Shore.”
The apartment community will be surrounded by the shopping and entertainment offerings of Bayshore, making the living experience first class and all-inclusive. Cypress Residential Development will be working closely with the city of Glendale to make bike and pedestrian improvements around Bayshore to increase safety and accessibility for residents and guests.

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SELMA, TX – Embrey Partners, a San Antonio-based diversified real estate investment company, has expanded its multifamily portfolio in Central Texas with the acquisition of Retreat at Chelsea Park in Selma, Texas.
Embrey’s buy of the high-quality, 280-unit property built in 2006 closed on October 27 in a sale brokered by Patton Jones of Newmark. Embrey will benefit from the community’s prime location along the I-35 corridor in the northeast sector of San Antonio’s metropolitan area that has seen high rental demand in recent years. The nationally recognized, award-winning Embrey Management Services will take over management of the community.
Retreat at Chelsea Park is the first closing of Embrey’s recently introduced acquisition group led by Alex Sampson, Vice President of Acquisitions. The newly formed group is aggressively seeking multifamily procurement opportunities across high-growth Texas and Sunbelt markets.
“The Retreat at Chelsea Park community fits perfectly into Embrey’s focus on making places where people want to be,” said Sampson. “The location is outstanding, just off I-35 with simple access to San Antonio, New Braunfels and Austin, in the middle of a rapidly evolving area that has seen the population grow more than tenfold since 2000. Renters are drawn to Retreat at Chelsea Park for its large floor plans, top-of-class amenities, and tranquil conveniences. The added attention to residents that will be provided by Embrey Management Services will position this asset as second-to-none in its submarket.”
Retreat at Chelsea Park exemplifies Embrey’s value-add investment approach. About two-thirds of the one-, two- and three-bedroom units remain in classic or outdated conditions since the property’s construction in 2006. Embrey will upgrade unit interiors and position the property as a quality and affordable rental option in a flourishing area along the I-35 path of growth, according to Sampson.
Retreat at Chelsea Park’s focus on lifestyle experience will be most readily apparent in its lifestyle amenities. Outdoors, this includes an inviting clubhouse, swimming pool, recreation center, dog park, and covered outdoor grilling areas. Residents have access to a fitness center, coffee bar, and resident lounge, plus covered and surface parking with a gated entrance.
Upon completion of Embrey’s renovation program, apartment unit interiors will feature premium kitchens, including granite countertops, undermount kitchen sinks with goosehead faucets, updated cabinetry with nickel pulls, updated appliances, wood-style flooring, private patio or balconies, expansive walk-in closets, and 9-foot ceilings.
“Embrey is proud to be a member of the Selma community and to bring its all-star management team to Retreat at Chelsea Park,” Sampson said.

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