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TerraCap Management Acquires 371-Unit Apartment Complex in Orlando

Place on Millenia

Built in 2007, The Place on Millenia features one-, two- and three-bedroom units. In certain units, features include quartz kitchen and bathroom countertops, new cabinetry and hardware and vinyl plank flooring.

ORLANDO, FLA. — TerraCap Management LLC has acquired The Place on Millenia, a 371-unit apartment community in Orlando. Scott Ramey of Newmark represented the undisclosed seller in the disposition. The sales price was also not disclosed.

Built in 2007, The Place on Millenia features one-, two- and three-bedroom units. In certain units, features include quartz kitchen and bathroom countertops, new cabinetry and hardware and vinyl plank flooring. TerraCap plans to execute a renovation program to add the features to more of the units.

Community amenities include a pool, outdoor kitchen and gas grills, fitness center, clubhouse with a media room and a billiards room. The property also has three interior lakes that provide tenants with water views.

Naples, Fla.-based TerraCap is in the process of adding debt financing to the property post-close, and the financing is expected to close within the next few weeks. Matt Williams and Kyle Schlitt of Newmark were retained to help originate the debt. ZRS Management will be the property manager.

Content Partners
‣ Bohler
‣ Lee & Associates
‣ NAI Global
‣ Walker & Dunlop

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