Carter Exchange Fund Management Company LLC, a real estate company focused on tax-advantaged investment strategies, announced the sale of Station at Savannah Quarters, a garden-style apartment community located at 100 Harley Lane in Pooler, Georgia.
Carter Exchange reports they sold the property for $62.5 million, which resulted in a 32.30% average annual return to investors.
As of the date of the sale, Carter says the property, located in the Savannah, Georgia MSA, was over 96% occupied. During the 2.8-year hold, the company increased average monthly rents on occupied units was 34.9%.
Carter says the property sits on approximately 10.67 acres and consists of 244 apartment homes throughout the seven residential buildings. The community features various amenities including a clubhouse with a lounge area, cybercafé, fitness center with wellness studio, poolside lounging cabana with fireplace, hammock garden and more.
Carter Exchange also offered residents unit upgrades including smart home packages, upgraded flooring, and the addition of new washers and dryers. The company says these property value enhancement initiatives resulted in a 38.0% return on invested capital and a 12.2% average rent increase since acquisition. As a result of these updates, Carter Funds was able to market the asset as a beneficial opportunity in the Savannah, Georgia market.
“The sale of Station at Savannah Quarters demonstrates the value of our acquisition strategy and management capabilities,” says Dallas Whitaker, chief executive officer of Carter Exchange. “Pooler, Georgia is a thriving market with a 34% population surge in the last decade. Nestled in the expanding Savannah metropolitan area, the location thrives on a diverse, educated workforce, and affordable living. Our expert management team’s seamless execution resulted in a successful exit for our valued investors.”
Carter Exchange specializes in tax-deferred private placement investments. Currently, Carter Exchange manages a portfolio of more than $2.03 billion across several asset classes spanning 10 states.
Carter Funds is a vertically integrated, full-service real estate acquisition and fund management company based in Tampa, Florida. Carter has $3 billion in assets under management and is built on over 300 years of real estate experience.