Carter Funds Completes Development of Georgia Multifamily Community
Real estate acquisition and investment management firm Carter Funds announced the completion of The Maxwell, a state-of-the-art, 200-unit multifamily residential community in Rome, Ga. Gateway Development Corporation developed the project, and ServisFirst Bank provided construction loan financing.
Carter Funds is a sponsor of private placement funds, including an opportunity fund that develops properties. The Maxwell project offers a range of modern amenities, including a swimming pool, fitness center, clubhouse, and outdoor communal spaces. Carter Funds said its prime location offers residents e easy access to the Atlanta metro as well as local shopping, dining, and entertainment options.
“We are thrilled to officially open The Maxwell and witness an impressive leasing response with over 70% of the property already leased,” said Ray Hutchinson, chief investment officer of Carter Funds. “This project demonstrates our commitment to creating high-quality, comfortable, and vibrant living environments in growing submarkets. The Rome, Ga., market was recently ranked as the sixth top metro in the [United States] for economic development and has recently attracted new projects from major companies like Tesla, Honda, and Microsoft.”
Building on the success of The Maxwell, Carter Funds said they are also pleased to announce their next multifamily construction project, Allegra at Cocoa, which is set to break ground in 2024. Located in the coastal community of Cocoa, Fla., Allegra at Cocoa will offer easy access to the beach, Cape Canaveral, Orlando, and local attractions.
In collaboration with The Brownstone Group, the development partner on the project, Allegra at Cocoa will feature 312 apartment homes with modern architectural designs and premium finishes, according to Carter Funds. Residents are expected to have access to top-tier amenities, including: a premium fitness and wellness center, a resort-like pool with outdoor kitchens and grills, a pet spa, and detached garages.
“We look forward to bringing Allegra at Cocoa to life,” added Hutchinson. “Our goal is to create a unique residential experience that captures the essence of coastal living while providing the highest standard of comfort and luxury at an attractive price point.”
Carter Funds was in the news last week for expanding its independent broker-dealer wholesaling team with the hire of Stacey Roth to senior vice president and internal sales director.
Carter Funds is a real estate investment company with more than $3 billion in assets under management through its affiliated companies: Carter Multifamily, Carter Exchange, Aphorio Carter, and Allegiant-Carter Management. The company focuses on acquiring, developing, and managing real estate investments in high-growth industries and markets throughout the Southern and Mid-Atlantic United States.
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