ATLANTA, GA—TerraCap Management has acquired 23Thirty, a 222-unit apartment community located on Cobb Parkway near the iconic SunTrust Park in Atlanta for $27.7 million. CBRE represented the seller in the transaction and debt was secured through Iberia Bank.
“Located less than a mile away from SunTrust Park and The Battery, 23Thirty offers its residents direct access to many of Cobb County’s largest employment and economic drivers, presenting an exceptional opportunity for our team,” says Steve Hagenbuckle, TerraCap’s founder and managing partner. “Demand for multifamily housing in Cobb County is very strong as the general surrounding area has seen multibillions of capital investment and infrastructure improvements in recent years, drawing people and corporate headquarters to the area.”
Situated in the heart of Cobb County, 23Thirty offers convenient access to I-75 and I-285 as well as the nearby Cumberland Mall. The spacious one- and two-bedroom apartment homes feature full-size washer and dryer connections and wood burning fireplaces. Community amenities include a fitness center, a pool with a waterfall, a sundeck, additional storage facilities, lighted tennis courts, a car care center, a dog park and on-site laundry facilities. Free Wi-Fi is provided in all common areas, including the pool.
Cobb County is the fourth largest county in Georgia, home to major employers like Comcast, Aaron’s Inc., The Home Depot, First Data, Lockheed Martin and WellStar Health System. According to the Cobb County Chamber of Commerce, Cobb County is now the fastest-growing millennial population and the highest-educated population in all of Metro Atlanta.
“This property’s superior location positions it as a valuable addition to our portfolio of assets under management,” says Matt Stewart, director of asset management for TerraCap’s Atlanta office. “As infrastructure investments, low cost of doing business and emerging employment opportunities continue to draw more residents to Cobb County, we’re confident that local demand for multifamily will continue to grow. We see huge potential to add even more value by investing in interior unit upgrades and renovations, and we believe this acquisition will complement other properties we have in the immediate area.”
TerraCap is a Florida-based private equity firm with roughly 5.5 million square feet in assets under management. In Atlanta, TerraCap owns a portfolio of 2.5 million square feet of income-producing properties.