Carter Exchange Fund Management Company LLC, a private real estate investment company focused on the acquisition of value-add multifamily properties, announced the sale of Station at Poplar Tent, a garden-style apartment community located at 50 Poplar Station Circle NW, Concord, North Carolina 28027.
Carter Exchange, a company of Carter Funds LLC that facilitates securitized 1031 exchanges, sold the property for $74.7 million which resulted in a 19.88% average annual return to investors.
During the approximately 2.7-year hold period, Carter Exchange completed interior unit enhancements, maintained an average 94.9% occupancy, and increased average monthly rents on occupied units by 25.2%.
Carter Exchange also announced that they offered residents unit upgrades including smart home packages and remodeled flooring, and installed parcel lockers in the clubhouse to add to the existing amenity package. These property value enhancement initiatives resulted in a 29.0% return on invested capital and an 11.3% average rent increase since acquisition. Carter says that as a result of these renovations and operational improvements, Carter Funds was able to re-position and market the asset as a beneficial opportunity in the submarket of Concord, North Carolina.
“The sale of Station at Poplar Tent demonstrates the success of our investment strategy, and the positive results Carter Exchange aims to achieve for its investors. Concord, North Carolina is a multifamily market that was ranked as one of the fastest-growing cities nationally in 2022 by SmartAsset,” said Dallas Whitaker, chief executive officer of Carter Exchange. “These favorable market dynamics paired with the implementation of a skilled execution team resulted in a disposition transaction we are enthusiastic about for our investors.”
Carter Multifamily Fund Management Company is a Carter Funds company targeting the acquisition of existing conventional multifamily assets with value-add opportunities.