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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ASHEVILLE, NC – Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer of mixed-use multifamily communities, announced the acquisition of Retreat at Arden Farms Apartments, a 312-unit apartment community in the Asheville suburb of Arden, North Carolina. The community was bought on behalf of CS1031 Retreat at Arden Farms Apartments, DST.
“Asheville, North Carolina has been on Capital Square’s radar for some time,” said Louis Rogers, founder and chief executive officer of Capital Square. “We are thrilled to expand the Capital Square footprint to Ashville in order to deliver exceptional investment programs to a growing number of Section 1031 exchange and cash investors nationwide.”
Nestled in the midst of the Blue Ridge mountains at 539 Long Shoals Road, the 28-acre apartment community offers one-, two- and three-bedroom units averaging 957 square feet with high-end finishes including tile backsplashes, stainless-steel appliances, 9-foot ceilings, walk-in closets and a balcony or patio. The community amenities include a grand clubhouse with a lounge, cyber café with a coffee station, resort-style saltwater pool, 24/7 state-of-the-art fitness center, wellness studio, poolside grilling area, “bark park,” electric car charging stations and private garages and storage units.
The highly amenitized property offers sweeping mountain views with convenient access to numerous outdoor activities. The property also benefits from direct access to Interstate 26, providing a 15-minute drive to downtown Asheville. Biltmore Park Town Square, a mixed-use retail center featuring restaurants, shopping and entertainment, is located just 1.5 miles from the property. Whole Foods, Publix and numerous dining options are within a 10-minute drive.
The scenic property is only nine miles from The Biltmore Estate, George Vanderbilt’s 250-room castle that is America’s largest home and a prominent tourist attraction, according to the City of Asheville. The 8,000-acre grounds, which feature gardens, trails and parklands, are located directly north of the property. For decades, tourists and retirees alike have been drawn to the area’s natural beauty, culture, amenities and small-town feel.
“Asheville gained over 9,000 jobs within a twelve-month period ending in February and registered an unemployment rate of only 2.9%, indicative of a strong local economy,”said Whitson Huffman, chief strategy and investment officer. “The area continues to incubate regional economic growth, as evidence by the recent announcement by aerospace manufacturer Pratt & Whitney that they are investing $650 million to build a one million-square-foot advanced manufacturing center approximately 3 miles from the property, which will lead to 800 permanent, high-paying local jobs.”
Asheville has averaged over 1,000 new apartment units per year from 2014-2021 while maintaining 96% average occupancy, according to CoStar.4 A limited future supply is anticipated due to affordable housing and other local government requirements. Additionally, a rapidly growing population will drive rent growth, according to the local ABC affiliate and Citizen Times news.

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BALTIMORE, MD – San Francisco based real estate firm Hamilton Zanze (HZ) partnered with DCA Partners to buy the 255-unit Residences at Waterstone in Pikesville, Maryland. Cushman & Wakefield represented both buyer and seller on this transaction. This represents HZ’s thirteenth acquisition in Maryland.
The property, built in 2002, is just north of Downtown Baltimore, which is situated at the northernmost mouth of the Patapsco River on the Chesapeake Bay.
“We are excited to expand our presence in Maryland with the buy of Residences at Waterstone in Pikesville, MD,” said David Nelson, Hamilton Zanze’s Chief Investment Officer. “This unique asset features oversized units, favorable amenities, convenient location to employers, and close proximity to an abundance of retail and entertainment in Downtown Baltimore.”
The community is located at 225 Galvariun Court in the desirable Owings Mills/Pikesville/Randallstown submarket, approximately 22-minute drive or 15 miles from Downtown Baltimore. The 255 units average 1,453 square feet with 26 different floor plans. Community amenities include a fitness center, resort-style swimming pool with a sundeck, movie theater, tennis courts and a dog park. Unit amenities include attached garages, stainless steel appliances, granite countertops, hardwood/vinyl flooring, washer/dryer in unit, and private balconies.
HZ’s capital improvements will include site improvements, building repairs, amenity improvements, continuing the unit renovation campaign implemented by the seller, and sustainability updates. Management of the property has also been transitioned to HZ affiliate Mission Rock Residential, a Denver-based company.

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