ORLANDO, FL – TerraCap Management, a privately held investment firm with its headquarters in Naples, Florida, announced the acquisition of The Place on Millenia, a 2007-built, 371-unit apartment complex located in Orlando, FL. Amenities at the property include a pool, an outdoor kitchen and gas grills, a fitness center, a clubhouse with a media room and a billiards room, and three interior lakes which provide tenants water views.
Steve Hagenbuckle, TerraCap Founder and Managing Partner, said, “The Place on Millenia features an ideal location with fantastic access located near the major theme parks at the intersection of Interstate-4 and The Florida Turnpike. With larger than average unit sizes, fantastic tenant amenities, large internal lakes, and oversized balconies, this complex has so much to offer our tenants. We are enthusiastic about advancing this property both physically and financially.”
The Place on Millenia features one, two, and three-bedroom units. Select unit interiors feature quartz kitchen and bathroom countertops, new cabinetry and hardware, and vinyl plank flooring. TerraCap plans to do a premium renovation program to bring more units to similar-level finishes and capture the elevated rent growth that the area has seen.
Steve Excellent, TerraCap National Director of Acquisitions, said, “We’re excited for the opportunity to buy a high-quality and well-positioned asset within a rapidly growing market. Orlando continues to experience strong inbound migration patterns, and we feel this property is ideally located with quick access to much of what Orlando has to offer.” Excellent added, “We plot to build off the previous owner’s capital plot and continue to invest into the property and its amenities to offer residents a quality living option. We feel this approach will place this asset in the best position for future growth.”
Scott Ramey of Newmark represented the seller in the disposition. TerraCap closed all-cash on the transaction but is in the process of adding debt financing to the property post-close. This financing is expected to close within the next few weeks. Matt Williams and Kyle Schlitt from Newmark were retained to help originate the debt. ZRS was retained as property manager.

Powered by WPeMatico

RENO, NV – The Bascom Group has bought Sierra Point Apartments in the Reno, Nevada metro area. Bascom bought Sierra Point, a 147-unit garden-style multifamily community for $31,000,000, or $210,884 per unit, in an off-market transaction.
The property, built in 1996 & 1998, consists of 84% two-bedroom floorplans. Financing for the acquisition was provided by LoanCore and was arranged by Charles Halladay, Jamie Kline, and Annie Rice at JLL Capital Markets. Property management will be provided by AMC Management Services and construction management will be provided by SD Cap Construction Management.
Reno is the third largest city in Nevada and enjoys a central location to several major western U.S. cities including San Francisco, Portland, Salt Lake City, Las Vegas, and Los Angeles. Known as “The Largest Small City in the World”, Reno has loved a robust population and economic expansion in recent years due to its affordability, pro-business attitude, and high-quality of life. In 2020, Reno was ranked #1 in America’s Best Small Cities for its natural assets and growing infrastructure. Since 2011, Reno metro’s population increased 26.9%, nearly triple the national growth of 6.7%. Driving migration to the region are residents fleeing high cost-of-living markets like the Bay Area and Los Angeles. In addition, the presence of tech in Reno has increased dramatically, highlighted by Google’s recent $600M data center investment and Tesla’s Gigafactory increasing its employment projections from 6,500 people to 10,000.
Bascom’s Senior Vice President and Principal of Acquisitions, Jim Singleton, stated “Sierra Point is a well-located asset, positioned adjacent to the $200 million Hug High School Development that is plotted to open this August”. Sierra Point offers residents convenient access to entertainment, shopping, dining, and major employment centers throughout the Reno MSA. The value-add upside of Sierra Point, coupled with its fantastic location along the path of development in Reno, make the acquisition particularly desirable for Bascom and our investors. Singleton continues, “We look forward to executing on Bascom’s operational strengths while building our portfolio in a rapidly growing Northern Nevada market.”
Bascom’s Senior Principal of Operations, Jason Hanna, added, “Sierra Point has been well-maintained by current ownership, and the asset is primed for synergies with Bascom’s institutional management style, as well as the execution of our strategic renovation plot. Current ownership has performed limited improvements, and the property has not been addressed with a comprehensive renovation plot since it was developed in the late 1990’s. Bascom will renovate unit interiors with new countertops and appliances, wood plank flooring, backsplashes, new baseboards, cabinetry improvements, new fixtures and lighting, and a new two-tone paint scheme. In addition, Bascom will be adding a dog park, tot lot, and outdoor barbeque and recreational area.”
Partnering with institutional and private capital, Bascom has been one of the most active apartment buyers in Nevadasince its first acquisition in 2013. Following the 15-property portfolio acquisition from Camden Property Trust in 2016, Bascom and its affiliates have bought and operated 34 apartment communities in the Nevada market totaling 9,614 units totaling over $1.38B in total capitalization. Prior to the pandemic, Bascom sold 19 properties totaling 5,888 units and over $1.0 billion in sales in Las Vegas. Bascom recently bought the ReNew at Decatur, a 1988 built, 216-unit multifamily property in Las Vegas, Nevada for $49,600,000, or $229,630 per unit. Over the past year, Bascom has completed over $1.43 billion in multifamily transactions across the country.

Powered by WPeMatico

SANTA ANA, CA – Tricon Residential, an owner and operator of single-family rental homes and multi-family rental apartments in the United States and Canada, provided an update on its active build-to-rent community pipeline, which has now expanded to over 3,000 rental units in 23 new home communities across the U.S. Sun Belt.
The communities are under development or under contract to be developed within Tricon’s existing single-family rental investment vehicles THPAS-JV1 and Homebuilder Direct JV, and are being built by a number of national and regional homebuilders including four of the top 25 largest homebuilders in the United States.
Tricon has always been committed to increasing access to high-quality housing options for American families and believes this can be accomplished in part through the construction of new purpose-built single-family rental communities, within close proximity to brilliant schools, parks, neighborhood retail centers, and major job nodes. The plotted communities are targeting the middle market resident demographic and are located in high-growth Sun Belt states, aligning with Tricon’s broader single-family rental strategy. The communities consist predominantly of single-family detached homes with 3 – 4 bedrooms and two or more bathrooms, and typically have access to a range of resident-centric amenities including community parks, pools and recreational areas.
“COVID-19 has cast light on the shortage of affordable housing options across the U.S.,” said Gary Berman, President and CEO of Tricon Residential. “At Tricon, we are committed to expanding the supply of accessible, high-quality housing for families who are seeking a single-family home and prefer the convenience and flexibility of a rental lifestyle. We are also focused on building sustainable communities that enrich the lives of our residents and the local neighborhoods they live in, which is central to our corporate strategy and our Environmental, Social and Governance (“ESG”) priorities. Our build-to-rent pipeline makes a positive contribution to alleviating America’s housing shortage, while stimulating local economic growth and catering to the needs of modern residents.”
The 23 communities are located across ten MSAs, including: Texas (Dallas-Fort Worth, Houston, Austin, and San Antonio); California (Sacramento and Inland Empire); Phoenix, Arizona; Jacksonville, Florida; and Reno, Nevada. Tricon is currently on track to have over 600 new homes in these communities constructed and available for rent by the end of 2022, with the full pipeline expected to be delivered by the end of 2024. The homes will feature convenient and controlled access through Tricon’s smart home package, which includes smart locks, door sensors, smart thermostats, energy-efficient HVAC systems, leak detection systems, as well as high-efficiency ENERGY STAR® certified appliances. Using its technology-enabled operating platform, Tricon aims to deliver an exceptional resident experience within these rental communities, from leasing and maintenance to community activities and ancillary services.

Powered by WPeMatico