TerraCap Management expands presence in Raleigh

The Lex at Brier Creek. Image courtesy of TerraCap Management

TerraCap Management LLC continues to strengthen its presence in the Raleigh-Durham metro with the acquisition of a 346-unit community in Morrisville, North Carolina. The company acquired The Lex in Brier Creek from an undisclosed seller, who was represented by Newmarkis John Munroe. According to Yardi Matrix data, the previous owner was Kettler.

The Lex at Brier Creek offers one-, two-, and three-bedroom units averaging 1,131 square feet, as well as townhouse options. Units were built with 9-foot ceilings and built-in washers and dryers, but some units offer fireplaces, attached garages, and private patios or balconies. Common amenities at Lex at Brier Creek include a swimming pool, dog park, playground, clubhouse, business center, fitness center, tennis court, parcel locker, and a barbecue and picnic area.

Located at 200 Wind River Parkway, the community is approximately one mile from US-70, providing residents a short commute to downtown Raleigh and Durham. According to Yardi Matrix data, The Lex in Brier Creek is 93.6% occupied.

Robert Witt, partner and asset manager at TerraCap, said in prepared remarks that the new owner will focus on improving the property’s amenities. Since the construction of The Lex at Brier Creek in 1999, TerraCap has sought to renovate several parts of the community. The company’s plans include a new residents’ lounge next to the existing swimming pool and an outdoor landscaping in the middle of the property. The company also plans to install new roofing and exterior paint, while the interior of the units will be updated with new flooring and lighting, quartz countertops and ceramic backsplashes.

SECOND ACQUISITION IN RALEIGH-DURHAM

TerraCap’s acquisition of The Lex in Brier Creek will be the company’s second large-scale, multi-family acquisition in metro Raleigh-Durham this year. In March, TerraCap entered the market by acquiring Amberwood in Lochmere, a 340-unit Class A community in Cary, North Carolina Steve Good, partner and national director of acquisitions at TerraCap, said in prepared remarks that the numbers growth rates in Raleigh are still the highest in the United States and the company plans to continue to establish a long-term presence in the metro.

The company’s portfolio has over 9 million square feet of assets across the country. TerraCap’s latest acquisitions were residential and industrial properties in Georgia, North Carolina and Florida, but the company is seeking value-added acquisitions in the South Atlantic, South Midwest and Mountain regions. Western United States.