TerraCap Partners' second fund buys Coral Cove Condominiums units

BUYER: Coral Residences on the Cape LLC C (principal: W. Stephen Hagenbuckle), Cape Coral
SELLER: GKK Coral Cove Owner LLC
PROPERTY: 1751 Four Mile Cove Parkway, various units, Cape Coral
PRICE: $8.13 million
PREVIOUS PRICE: $13.69 million, July 2009
LAW FIRM ON DEED: Gramercy Capital Corp., New York City

PLANS, DESCRIPTION: Cape Coral investment fund TerraCap Partners II purchased 196 units, the clubhouse, common areas and associate amenities of the Coral Cove Condominiums for $8.13 million.

The price equated to $41,497 per unit.