BONITA SPRINGS, FL – TerraCap Management, a privately held investment firm with its headquarters in Naples, Florida, announced the acquisition of Versol Apartments for $70.35 million. Ideally located in Bonita Springs, the 240-unit property was built in 2020 and is currently 100% leased.
Steve Hagenbuckle, Founder and Managing Partner of TerraCap said, “Versol being new and in the heart of Southwest Florida was of fantastic 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 buy a unique property in our own backyard,” said Steve Excellent, 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.

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DESTIN, FL – Olympus Property announces the successful acquisition of Vintage Destin, a garden-style, Class-A multifamily community in Destin, Florida. Effective immediately, the asset will be renamed Olympus Emerald Coast.
Olympus Emerald Coast is located just north of US Hwy 98, providing convenient regional access to the market’s top employment drivers, but also less than one mile from Destin’s award-winning white sand beaches. Built in 2020, the 282-unit community features a resort-style pool with private cabanas, fitness center, pet park and spa, bike share program, and a landscaped rooftop deck with ocean views. Home interiors include stainless steel appliances, hardwood inspired floors, quartz countertops, kitchen islands, and frameless shower doors.
“Olympus Emerald Coast is a best-in-class asset in a market that’s experiencing exceptional rent growth, paired with a minimal supply pipeline. Expanding into a new market also makes this acquisition special for us.” said Travis Bertetto, Olympus Acquisitions Manager.
Destin is the principal city of the Fort Walton Beach-Crestview-Destin, Florida Metropolitan Statistical Area, which is home to nearly 250,000 residents. Originating as a small fishing village on a peninsula separating the Gulf of Mexicofrom Choctawhatchee Bay, the city styles itself as “The World’s Luckiest Fishing Village,” and claims to have the largest fishing vessel fleet in the state of Florida.
Destin has grown to be a major tourist destination, attracting over 80 percent of the Emerald Coast’s 4.5 million annual visitors. Situated on Florida’s Emerald Coast, Destin is known for its stunning white sand beaches and emerald green waters. Aside from tourism, aviation, aerospace, defense, and national security are the top industries in Destin.
Founded in 1992, Olympus Property owns and manages some of the most desirable multifamily opportunities across the United States. Olympus Property is headquartered in Fort Worth, Texas. Over a 29-year history, the firm has become a successful and recognized name in the multifamily industry owning and operating approximately 18,000 units across ten states. Olympus Emerald Coast is the third property in Olympus Property’s eleventh fund, Olympus Property XI, LLC.

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MINNEAPOLIS, MN – Centerspace (NYSE: CSR) has entered into Contribution Agreements with entities managed by KMS Management, Inc. (KMS), to buy a portfolio of 17 communities for the aggregate buy price of $323.8 million. The portfolio of 19 real estate assets is comprised of 14 communities in Minneapolis, Minnesota and three communities in St. Cloud, Minnesota. The acquisition will add 2,696 apartment homes to the Centerspace portfolio, further strengthening the Company’s footprint in markets where the Company has historically strong operations.
The Company will fully fund the transaction through the issuance of up to $197.3 million Convertible Preferred Operating Partnership units that pay a preferred 3.875% dividend and are convertible into common units at an exchange rate of 1.2048 common units per Convertible Preferred Operating Partnership Unit representing a conversion price of $83.00 per unit. In lieu of Convertible Preferred Operating Partnership Units, KMS may elect to receive up to $16.2 million of the aggregate buy price in cash at closing. The Company will buy the communities subject to approximately $126.5 million in mortgage liabilities, a part of which the Company intends to refinance upon consummation of the transaction. Additionally, the Company plans to fund approximately $40 million of capital into repositioning the communities over the next 24-36 months. The transaction is expected to close in the third quarter of 2021, subject to customary approvals and closing conditions.
“This fully-funded acquisition fits seamlessly into our investment thesis,” said Mark O. Decker Jr., President and CEO. “Adding KMS’ communities, team and investors to our Company will double our presence in our core market of Minneapolis, increase the scale of our operations and provide numerous opportunities to improve our business. We are thankful to the KMS team and investors and all of their work on this transaction and for their faith in Centerspace as they join our platform.”
Centerspace currently owns 2,537 homes in Minneapolis across 14 communities and 1,192 homes in St. Cloud in six communities. With the addition of the KMS portfolio, the Company will increase its footprint in Minneapolis to 4,901 homes and to 1,524 homes in St. Cloud.
Minneapolis boasts a diverse economy driven by strong employment, headquartering 24 Fortune 1,000 companies and maintains the highest median income in the Midwest. Centerspace’s Minneapolis suburban communities have seen compounded revenue growth of 6.3% and compounded NOI growth of 5.8% from 2018-2020 with St. Cloud having compounded revenue growth of 4.7% and compounded NOI growth of 9.3% during the same period.
“Our plot is to integrate this portfolio onto our existing platform and leverage our operating initiatives, particularly our focus on customer experience and margin expansion, to enhance the overall quality and cash flow of our aggregate portfolios in Minneapolis and St. Cloud. The KMS communities have a long and successful operating history, fantastic locations within their respective submarkets, and we are seeing high demand for product with attainable rental rates,” said Mr. Decker.

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