GREENSBORO, NC – TerraCap Management, a privately held investment firm based out of Estero, Florida, announced the sale of Madison Woods, Terrace at Olde Battleground, and Terrace Oaks. TerraCap bought the 456-unit apartment portfolio in a JV with Reston, VA based Willow Creek Partners for $36,200,000 in June 2017. Since acquisition, TerraCap’s combined strategy of effective property management, property upgrades, organic rent growth, and unit renovations caused an increase in rental rates, occupancy, tenant satisfaction/quality, and rent collections.
“These Greensboro apartment investments outperformed our expectations,” said Steve Hagenbuckle, Founding Partner and Managing Director for TerraCap. “This is a testament to fantastic working relationships and teamwork within the TerraCap asset management team, Willow Creek, First Communities, and our transaction advisor Paul Marley of Cushman & Wakefield.”
Albert Livingston, TerraCap Partner and National Director of Asset Management, said, “When we bought the portfolio, we saw the opportunity to capitalize on asset management 101. Our first goal was to provide quality on-site management to give existing tenants a positive living experience and potential residents a welcoming environment; two factors which we believe contributed to increased occupancy and tenant retention. Effective management combined with a capital upgrade plot and utilization of leasing optimization software stabilized and repositioned this portfolio in the market.”
First Communities Management, led by Mitch Harrison and Ed Romano, represented TerraCap on on-site property management. TerraCap chose First Communities Management as the property manager because of their experience in executing value-add multifamily strategies across numerous multifamily communities within the TerraCap portfolio.
Industry leader Paul Marley, Senior Director with Cushman & Wakefield Multifamily Advisory Group, represented TerraCap on the sale.

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DALLAS, TX – Gardner Capital, a family-owned private equity firm specializing in multifamily housing and renewable energy development and investment, recently completed construction on an affordable senior community, Arbor at Cotton Grove, in Lexington, North Carolina. Located on the South side of Fritts Street, the 80-unit garden-style apartment development will also serve local residents with disabilities.
The development was made possible through a combination of multiple financial and other partners, including Stratford Capital, Churchill Stateside Group and the North Carolina Housing Finance Agency.
“We are very excited to announce the completion of Arbor at Cotton Grove, which is the latest of our recent developments in North Carolina and a part of our expanding investment commitment for affordable housing in communities across North Carolina,” said Michael Gardner, President and CEO of Gardner Capital.
Excel Property Management will serve as on-site property manager for Arbor at Cotton Grove, located at 7 Fritts St. in Lexington and is currently leasing.

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AUSTIN, TX – Ocean West Capital Partners announced that it has successfully closed on the acquisition of the 567-bed student housing community known as Moontower, located at the University of Texas at Austin. Ocean West led the investment group, comprised of Tiger Alternative Investors, Ltd, Korea Investment & Securities Co., Ltd, and Landmark Properties. Over the past 15 months, this joint-venture partnership has now bought seven student housing assets totaling more than 4,400 beds and $800M of value.
The brand-new 18-tale high-rise was completed before the Fall 2020 semester, and the property opened at nearly 100% occupancy. Moontower is located at the heart of UT Austin’s social and academic scenes, easily walkable to both The Drag and campus. The building boasts an unrivaled modern amenity package that includes a rooftop pool and lounge, fully equipped spin and yoga studios, 24-hour fitness center, coffee bar, study lounge and private study rooms. The furnished units feature luxury finishes/interiors, private bathrooms in most floorplans, and many units feature unobstructed views of UT Tower, one of the most iconic landmarks on campus.
The student reception to the property so far has been outstanding, and Moontower leads the lease-up pace for the 2021-2022 academic year.
“Ocean West continues to value the partnership it has formed with Tiger, KIS and Landmark, and we look forward to new opportunities to grow our portfolio together,” said Ryan Tucker, Principal of Ocean West Capital Partners. “The Moontower asset is truly one of the premier trophy assets in the country, and we strongly believe in this market and this university. We have fantastic expectations for this asset going forward.”

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