ROSWELL, GA – TerraCap Management, a privately held investment firm with its headquarters in Naples, Florida, announced the acquisition of Enclave at Roswell, a 236-unit Class-B apartment complex located in the northern Atlanta suburb of Roswell, GA. Enclave at Roswell was built in 1985 and features one, two, and three-bedroom units. The property’s on-site amenities include a pool, fitness center, dog park, outdoor sports court, playground area, and coffee bar.
“We are excited to buy our second apartment community in Roswell,” said Matt Stewart, TerraCap Director of Asset Management. “The acquisition of a property in a central North Fulton location with relatively low rents and very limited new supply provides us with a excellent foundation to upgrade the property to capture demand for modernized finishes and fresh common areas. We believe, based on our experience in the submarket, that our plotted improvements will elevate the living experience we can provide to the residents at Enclave and meet our investment objectives.”
Enclave at Roswell is located in the North Fultonsubmarket, which has seen rising rents and low vacancy. TerraCap plans to capture the property’s value-add potential by investing in a premium renovation program and several exterior capital projects, such as updated landscaping and new exterior paint.
Steve Excellent, TerraCap National Director of Acquisitions, said, “We are very excited for the opportunity to buy an asset in an area with accelerated growth potential. We feel confident in the potential of Enclave, as we’ve previously met our underwriting objectives within this submarket in a similar asset class. We are grateful to David Gutting for another smooth closing with the Newmark Team.”
David Gutting of Newmark represented the seller in the disposition. First Communities Management was hired as property manager.

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COLUMBUS, OH – Parallel, an Austin-based real estate development firm, broke ground Thursday on a new 143-unit student housing development within walking distance from The Ohio State University (OSU). The community is set to open in Summer 2023.
The five-tale project will be located at 76 E. Ninth Avenue and provide OSU upperclassmen, OSU graduate students, and young professionals upscale living options close to campus, Small North, and downtown.
The development features fully furnished studio through five-bedroom apartments which incorporate innovative design features with numerous amenities making a luxury experience. Amenities will include a terrace-level courtyard with pool and hot tub, state-of-the-art fitness facility, Luxor One-controlled package lockage area and a robust first floor bistro and lounge. Upscale design elements include Bluetooth showerheads, quartz countertops, in-unit washers and dryers, and fireplaces and smart home automation in select units.
This project intends to achieve National Green Building Standard (NGBS) Multifamily Certification upon its completion. “We are honored to have played a role in the design of this special project. We appreciate all the constructive input from various stakeholders with the result being a high-quality design with an engaging street presence and unique silhouette on the skyline,” says Brett Rhode, founder of Rhode Partners, the architect.
The effort has been collaborative as Parallel had to seek rezoning from a single-family zoning to five-tale multi-family zoning, which required multiple approvals from the University Area Commission and the Weinland Park Neighborhood Association. The project also required an architectural review board approval from the University Impact Design Review Board (UIDRB).
“We are excited to be a part of this community with this incredible project,” said Kristen Penrod, principal at Parallel. “We appreciate the collaboration and effort that members of the community and our design team provided to develop a project that offers an innovative design and fits into the fabric of the existing neighborhood.”

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CHARLOTTE, NC – Preferred Apartment Communities announced that it completed the acquisition of Solis Chestnut Farm, a 256-Unit Class A multifamily community in the Charlotte, North Carolina MSA.
Jeff Sherman, the Company s President of Multifamily said, Chestnut Farm is a second-to-none, Class A property in the affluent Charlotte suburb of Matthews. Additionally, Chestnut Farm is uniquely advantaged with an inimitable amenity – a 265-acre park directly connected to the property, providing our residents a right live-play experience. Mr. Sherman continued, Charlotte is a target market for us that has seen, and we believe will continue to see, tremendous population and job growth. This acquisition provides us with the premier property in a rapidly growing Charlotte submarket and positions us to fully capitalize on these favorable demographic tailwinds.
Joel Murphy, the Company s Chairman and Chief Executive Officer said, Now, with the acquisition of Chestnut Farm in Charlotte, we have bought, in the first three quarters of the year, five properties totaling 1,278 units in five of our target MSAs – Atlanta, Dallas-Fort Worth, Nashville, Washington, and Charlotte – bringing our total portfolio unit count to over 12,000 across 10 states. Mr. Murphy added, Four of these acquisitions resulted from our real estate loan investment program and reinforces the intrinsic value of this program to not only provide us with accretive returns during the loan term, but also to build out our proprietary acquisition pipeline. These five acquisitions are a result of the Company s strategic rotation of capital away from non-core investments into our growing core multifamily business and our intentional focus on certain key Sunbelt markets that we believe will deliver outsized growth over the near and long term.

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