BONITA SPRINGS, FL – TerraCap Management LLC, a privately held investment firm with its headquarters in Naples, FL, announced the sale of Versol Residences. The 240-unit property was built in 2020 and is located in Bonita Springs, FL.
“Versol has been a treasure to own. We have been quite pleased with the performance of this well-located asset. The rapid value creation by our Asset Management team led by Albert Livingston and Mark Hardee accelerated our exit strategy by three years. Special thanks to Jamie May and Company for assisting TerraCap on another successful transaction,” said Steve Hagenbuckle, TerraCap Founder and Managing Partner.
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.
“Versol is a high-quality community that is well-located in a strong market. The pandemic accelerated the in-migration and long-term demographic changes that are a hallmark of our investment thesis, allowing us to complete our business plot sooner than expected. We are thrilled to have been able to own this asset, and we appreciate Milhaus’ brilliant management of the property during our ownership period,” said Mark Hardee, TerraCap Asset Manager.

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SPRING, TX – Civitas Capital Group, a Dallas-based alternative investment manager specializing in niche opportunities in U.S. real estate, has bought Cypresswood Apartments, a three-tale, 287-unit garden-style apartment community in the highly attractive Greater Houston Texas) market.
“It’s a recent build, garden-style property with high-quality new construction in a quick-growing market,” says Rootvik Patel, Investments Director for Civitas, who led the transaction along with colleague Chandler Kyser. “We expect more acquisitions of this type in the year ahead, as it perfectly aligns with our core multifamily strategy moving forward.”
Cypresswood is Civitas’s fifth acquisition in the Houston MSA in the past 18 months and further represents the firm’s belief that Texas is a high-growth market. The property, which started leasing in January, is in a booming Houston submarket. Cypresswood features a resort-style pool, a 24-hour fitness center, a dog park and dog wash, and a gorgeous clubhouse across its 12.2 acres.
The property is a small drive from the affluent suburb The Woodlands, and is approximately 30 minutes north of downtown Houston. It sits just south of the well known master-plotted City Place development. The surrounding community of Spring, Texas, features gorgeous parks, nightlife, high-end shops, restaurants, and the quaint city center of Ancient Town Spring.
The Houston MSA, home to 7.1 million residents, has experienced a population boom since 2010, adding more than 1.1 million people. This has drawn highly skilled labor and increased median household income to more than $100,000 (44% higher than the national MSA average) within a 5-mile radius of the property. Nearby headquarters include HP, Southwestern Energy, and Exxon Mobile.

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SAN JOSE, CA – Affirmed Housing, a leading provider of affordable housing throughout California, announced the opening of Vela, a mixed-use, affordable and supportive housing development serving individuals and families located in the Mayfair neighborhood in East San Jose. A ceremony was held to commemorate the project s grand opening and included special guests San Jose Mayor Sam Liccardo and Councilmember Magdalena Carrasco, Santa Clara County Supervisor Cindy Chavez, City of San Jose Housing Department Director Jacky Morales-Ferrand and Santa Clara County Housing Authority Executive Director Preston Prince.
“The city proudly invested in Vela to provide dignified housing for dozens of our residents struggling with homelessness, said Mayor Sam Liccardo. “More than merely housing people, Vela provides a supportive community, with employment and training services to help residents get onto a path of self-sufficiency.”
Vela is Santa Clara County s first project to include Rapid Rehousing (RRH) homes as part of Measure A s goal to help households quickly exit homelessness and foster long term stability. RRH encapsulates three main components: housing identification, rent and go-in help, and case management and services, including employment counseling and job training aimed at ensuring residents ability to retain their housing for the long term. Vela is also San Jose s first project approved under SB 35, a 2017 law that streamlines approvals for affordable housing projects.
Vela demonstrates what can be accomplished when multiple stakeholders come together to do on a common goal, said Rob Wilkins, Affirmed Housing s Vice President of Northern California. Affordable housing is a fundamental component in ensuring cities – and more importantly, their people – function at their best. In developing Vela, we ve leveraged county and city funding programs, statewide legislation and a range of innovative strategies to make an exceptional environment that residents can be proud to call home. Vela s success paves the way for other critically needed projects of this kind, and Affirmed Housing is tremendously appreciative of the support of our like-minded project partners in forging this new ground.
The development features a mix of studio, one-, two- and three-bedroom affordable apartment homes for households earning up to 30 and 60 percent of the county s Area Median Income (AMI). Of the 87 total homes, 43 are set aside for formerly unhoused populations with 14 designated for RRH and 29 for Permanent Supportive Housing (PSH) programs, as well as two homes reserved for the building s property and maintenance managers. In addition to housing, Vela residents have access to on-site supportive care and services to help them regain long-term stability, independence and well-being.
Vela s overall design prioritizes community building with several shared resident amenities incorporated throughout, including a computer lab, community room, TV room, spacious courtyard and large outdoor deck with raised planter gardens and lounge areas. Vehicle and bicycle parking are also included. Each apartment comes equipped with energy efficient appliances.
In the weeks before Vela s grand opening and in anticipation of receiving residents, Affirmed Housing, in partnership with on-site service provider People Assisting the Homeless (PATH) and the San Jose Earthquakes, collaborated to set up and furnish each apartment with basic go-in necessities.
Affirmed Housing s development partners for Vela include the City of San Jose, Santa Clara County, DAHLIN Group Architecture Plotting, Cahill Contractors, BKF Engineers, JETT Landscape, Bank of America, California Community Reinvestment Corporation (CCRC), PATH and Nexus for Affordable Housing.
Vela adds to East San Jose s affordable housing supply for our most vulnerable community members. It is a model public-private partnership that converted an abandoned storefront and lot into a service-rich community, helping its residents get on the path to personal and financial stability, said Raquel González, president, Bank of America Silicon Valley. Bank of America has worked with lead developer Affirmed Housing on several high quality affordable housing projects in recent years, and we re particularly proud to have financed the Vela and invest into this historically diverse Alum Rock community.

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