ATLANTA, GA – TerraCap Management, a privately held investment firm based out of Estero, Florida, announced the sale of The Arbors Apartments. The 140-unit multifamily development is located in the northeastern Atlanta suburb of Tucker. The Tucker submarket is one of the strongest and fastest growing submarkets in Atlanta, as rent growth has outpaced the metro average in recent years.
Matt Stewart, TerraCap Director of Asset Management, said, “The Arbors proved our original business plot more than two years ahead of schedule. We believed in the area and it fit with our theme of investing in submarkets with above average growth trends. The buyer will inherit an asset with significant potential as the growth continues in Tucker.
TerraCap bought the property in September 2017as part of a four-property, 1,100-unit multifamily portfolio buy for $116,000,000. Since acquisition, TerraCap renovated several units at the property which saw an increase in rental rates. TerraCap also hired First Communities Management, led by the team of Ed Romano and Lisa Davis, who handled property management at The Arbors and oversaw day to day operations at the property during their hold period.
“Geographically this property was the outlier in the larger portfolio acquisition,” said Steve Excellent, partner and National Director of Acquisitions for TerraCap. “But, it exceeded our expectations from the start, and we’re pleased with the outcome. We feel it’s a fantastic property and wish new ownership the best.”
David Gutting of JLL in Atlanta represented TerraCap on the sale. First Communities Management represented TerraCap on management.

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ORANGE PARK, FL – ResProp Management was selected to provide full-service property management for Park Village Apartments, located just South of Jacksonville in Orange Park, Fla. The garden-style property is composed of 120 units with one, two, and three-bedroom floorplan options ranging from 750-1,247 square feet.
Community life at Park Village offers a large swimming pool with spa and courtyard features, a club-quality fitness center, spacious dog park, clubhouse, playground, and a sand volleyball court. Other lifestyle advantages offered at Park Village include onsite laundry facilities and 24-hour emergency maintenance services.
With the recent addition of Park Village to the portfolio, ResProp Management now manages more than 6,500 units across Florida. This latest addition was made possible through the partnership with Mayfair Investments and Navarino Capital.
Luke Liens, Director of Business Development, states, “We are excited to be working with Mayfair Investments and Navarino Capital on their second Jacksonville-area asset. Both groups are very resident-centered, and we look forward to making a positive impact alongside them at Park Village Apartments.

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PHOENIX, AZ – Wood Partners, a national leader in multi-family real estate development and acquisition, announced the grand opening of its newest luxury residential community – Alta North Central – in Phoenix, Arizona.
Alta North Central offers a sophisticated lifestyle with well-appointed amenities that are unmatched in the market. The community exudes an ancient Phoenix charm, nestled in a well loved neighborhood booming with new eateries and nightlife, while being in close proximity to economic hubs in the Central Corridor, Midtown, Downtown, and The Biltmore areas of Phoenix.
“Alta North Central provides a Class-A experience to a submarket that has not seen luxury rental housing in several decades,” said Clay Richardson, Managing Director for Wood Partners. “Phoenix’s economy continues to grow, and the prime location of Alta North Central provides residents with unparalleled access to these nearby job opportunities while living in a classic Phoenix neighborhood.”
In its location at 777 E. Stella Lane, Alta North Central is a small commute to major employers. Both Grand Canyon University and the Arizona State University-Downtown Phoenix Campus are also nearby, as is the city’s light rail line, which connects to major entertainment centers – including Talking Stick Resort Arena and Downtown Phoenix – as well as Phoenix Sky Harbor International Airport.
Alta North Central’s resort-style amenities make it simple to delight in indoor-outdoor living year-round. Outdoor spaces include an exceptionally furnished outdoor upper-level deck, an outdoor patio with a gaming area, grill station, putting green, and a private dog park. Residents can cool down or relax in the swimming pool that features a tanning deck and an in-water seating and spa, with seasonal poolside service from the on-site café. The 2,300 sq ft, 24/7 fitness center features Precor equipment including cardio theater technology, TRX systems and a separate yoga studio.
Alta North Central’s on-site café provides residents with the benefits of a local coffeehouse without having to leave the building, as well as the poolside service during the hotter months. Additionally, Alta North Central features co-working concept suites, complete with micro-offices that can be reserved. With a library space and Wi-Fi throughout the amenity-spaces, residents have multiple options for productivity.
Each apartment home offers top-of-the-line kitchen finishes, including custom cabinet color scheme options, Crystal Diamond White quartz countertops and stainless GE Energy Star appliances with gas cooktop ranges and double ovens in select homes. All homes have full-size, in-unit washer and dryer and walk-in closets. Some units feature dual master suites, powder rooms and up to 10-foot ceilings.
Alta North Central offers 229 units in one and two-bedroom floor plans, in addition to three-bedroom-penthouse offerings. Leasing is currently underway.

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