WEST PALM BEACH, FL – Tortoise Properties, LLC, a privately held commercial and residential company headquartered in Palm Beach County, secured a $88.530 million construction loan and will start building its newest mixed-use residential development in downtown West Palm Beach. Lending was provided by Acore Capital for the development of two eight-tale towers on 2.5 acres at 740 and 840 North Dixie Highway that will be connected by a floor-to-ceiling glass skybridge suspended over Eucalyptus Street. The Class-A luxury apartment community will feature 264 studio, one and two-bedroom residences with 3,400+ square feet of retail frontage on Dixie Highway and 371 parking spaces.
As West Palm Beach, now referred to as the Wall Street of the South, continues to attract more businesses and employees, the demand for additional residential housing continues to grow. Tortoise Properties President, CEO & Co-Founder Jake Geleerd reported that Tortoise Properties bought the site-plot approved project in December 2021 and then led an experienced and diverse project team to efficiently and timely obtain the necessary permits and approvals required to start construction.
According to Tortoise Properties Chairman & Co-founder Kelly Brannen, the project team included MSA Architects (architecture), Verdex Construction (construction), EDSA (landscaping), Hensel Phelps (project management), Keshavarz & Associates (civil engineering), McNamara Salvia (structural engineering), WGI engineering), Castle Residential (property management) and Managed Land Entitlements(entitlements and permitting).
We are especially pleased to have secured our construction loan with Acore during a rising interest-rate market and a recession-weary commercial lending environment, shared Geleerd. This loan propels this mixed-use development forward in a fundamentally strong market while at the same time reinforces lender confidence in the demonstrated track record and strength of Tortoise Properties and its residential and commercial projects. With fencing going up today and site mobilization beginning next week, we continue to advance forward with plans to share more updates in the coming weeks.

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SAN ANTONIO, TX – Cottonwood Group, a private equity real estate investment firm, announced that it has bought a 636-unit multifamily portfolio located in San Antonio, Texas with Dallas-based Texsun Holdings for ownership and investment in San Mateo Apartments, located at 3787 Perrin Central Blvd. and Heights on Perrin Apartments, located at 2555 NE Interstate 410 Loop.
The Portfolio benefits from a desirable location in San Antonio’s northeast submarket with proximity to some of the city’s major employers, including Amazon, Rackspace and Southwest Airlines. The Portfolio is also proximate to an abundance of mixed-use, retail, entertainment and recreation destinations, including Alamo Heights, The Quarry, Terrell Plaza, multiple golf courses, resorts and parks.
“We bought the Portfolio through our Cottonwood Real Estate Founders Fund, which targets opportunities with a special situation profile. This acquisition opportunity was particularly compelling due to its attractive cost basis, desirable location with positive demographic and employment drivers, and strong operating partner,” said Mark Green, Cottonwood’s Chief Investment Officer. “We are excited to partner with the Texsun team on this acquisition, a firm whose operational expertise and track record complement our capabilities on the capital markets side, and we look forward to a successful joint venture going forward.”
The business plot includes a renovation and repositioning of the Portfolio, for which Cottonwood and Texsun have budgeted approximately $7 million, as well as transitioning management of the Portfolio to ResProp, a multifamily property management firm founded in 2010 that operates more than 9,500 units across 65 properties.
“We are enthusiastic about our partnership with Cottonwood and are keen to grow our footprint in a market supported by brilliant growth fundamentals, favorable renter demographics, and limited new supply,” said Sean Fogelman, Managing Partner and Co-Founder of Texsun Holdings. “The Portfolio is extremely well located, has very evident operational upside, and with the implementation of our capex plot, we will be able to bring its performance up to the submarket and competitive set norms.”
This is Texsun’s eighth acquisition in the central Texas corridor, spanning from Dallas to San Antonio, and the firm is focused on expanding its Portfolio in the area.

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ATLANTA, GA – TerraCap Management, a privately held investment firm with its headquarters in Naples, Florida, announced the acquisition of Eleven 85, a 2014-built, 288-unit apartment complex located in Atlanta, GA. Amenities at the property include a swimming pool, an outdoor kitchen with grilling stations, a fire pit, a children’s playground, a business center, and a bocce ball court.
Steve Hagenbuckle, TerraCap Founder and Managing Partner, said, “The TerraCap team is enthusiastic about adding the Eleven 85 multifamily community to our growing residential portfolio. The location, nearby amenities, and quality of the surrounding communities and employment centers is consistent with our team’s thesis and overall strategy of investing in only desirable high growth markets.”
Eleven 85 features one, two, and three-bedroom units. The units feature modern design features such as built-in Bluetooth audio systems and energy efficient appliances. The property is located in Atlanta’s Upper Westside Enclave, just off of I-75, providing connectivity to employment throughout the Atlanta metro.
Matt Stewart, TerraCap Partner and Director of Asset Management, said, “Eleven 85 is a Class A apartment community in a neighborhood that we have studied closely since 2017. Nestled among single-family home neighborhoods currently averaging $650,000, the property enjoys walkable neighborhood amenities and has direct access to Buckhead and Midtown where there are a significant number of new inbound jobs that are currently paying well in excess of the current median income for the area. We are excited to add what we believe is another best-in-class community to our portfolio.”
David Gutting of Newmark represented the seller in the disposition. First Communities Management was hired as property manager.

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