TerraCap Management LLC, a privately held investment firm with its headquarters in Naples, Forida, announced the sale of Versol Residences. The 240-unit property is located in Bonita Springs, FL.
JBM Institutional Multifamily Advisors brokered the sale of Versol – a 2020-built, Class A+, 240-unit luxury multifamily Florida community. The Property sold for $87,250,000 or $363,542
Versol Residences features spacious one, two, and three-bedroom units with average unit sizes just under 1,100 square feet. The unit interiors feature quartz counter and vanity tops, shaker-style cabinetry, stainless steel appliances, tile backsplash, faux wood plank flooring in the living areas, nine-foot ceilings, large windows, and a washer and dryer in each unit. Common area amenities include a clubhouse with a coffee/tea bar and a kitchen, a swimming pool, an outdoor kitchen with gas grills, a fire pit, a fitness center, a bocce court, a dog park, package receiving, and dry cleaning drop off.
“Versol has been a treasure to own. We have been quite pleased with the performance of this well-located asset. The rapid value creation by our Asset Management team led by Albert Livingston and Mark Hardee accelerated our exit strategy by three years. Special thanks to Jamie May and Company for assisting TerraCap on another successful transaction,” said Steve Hagenbuckle, TerraCap Founder and Managing Partner.
“Versol is such a beautiful deal with a strong location,” JBM Chairman & CEO, Jamie May said. “Ideally situated between Fort Myers and Naples, Bonita Springs is a strong sub-market that continues to grow and demonstrate unbelievable income demographics. Congratulations to both buyer and seller on a smooth transaction.”
The Property site is 27.35 acres +/- consisting of 240 units averaging 1,094 square feet, yielding an extremely desirable low-density of just 8.78 units per acre. The Property features concrete block construction, with both two and four-story buildings that are elevator serviced.
Their ultra-modern amenity package features a resort-style pool with sun shelf; coastal-style clubhouse; 24-hour, state-of-the-art fitness center with True Fitness equipment and a spin/yoga room; outdoor summer kitchen; bocce ball court; Amazon Hub package lockers; and rentable storage units and garages.
Units feature quartz countertops; chef-inspired signature kitchens with GE stainless steel appliances, 42″ shaker-style cabinets, subway tile backsplash, and extra-large undermount sinks; luxury faux wood plank flooring in living areas; and private, screened-in balconies/patios.
Versol Residences features spacious one, two, and three-bedroom units with average unit sizes just under 1,100 square feet. The unit interiors feature quartz counter and vanity tops, shaker-style cabinetry, stainless steel appliances, tile backsplash, faux wood plank flooring in the living areas, nine-foot ceilings, large windows, and a washer and dryer in each unit. Common area amenities include a clubhouse with a coffee/tea bar and a kitchen, a swimming pool, an outdoor kitchen with gas grills, a fire pit, a fitness center, a bocce court, a dog park, package receiving, and dry cleaning drop off.
“Versol is a high-quality community that is well-located in a strong market. The pandemic accelerated the in-migration and long-term demographic changes that are a hallmark of our investment thesis, allowing us to complete our business plan sooner than expected. We are thrilled to have been able to own this asset, and we appreciate Milhaus’ excellent management of the property during our ownership period,” said Mark Hardee, TerraCap Asset Manager.
Jamie May and Eddie Yang of JBM represented TerraCap in the sale transaction. Milhaus represented TerraCap on property management.
Acting as the suburban hub to high income earners for both Naples and Fort Myers, Bonita Springs has seen explosive growth in recent years (46% since 2010). The Property is just 3 miles to Barefoot Beach and within 5 miles of two major hospitals. Notable 5-mile demographics include average household income of $117K and an average net worth of $2.2 million.
