Carter Multifamily, the sponsor of Carter Multifamily Growth & Income Fund LLC, a private placement fund that invests in value-add multifamily assets, has acquired Laurel Pointe Apartments, a 160-unit workforce apartment community located near downtown Jacksonville, Florida, for $13 million.
Built in 1970, Laurel Pointe offers affordably priced one-, two-, and three-bedroom apartment units ranging from 835 to 1200 square feet of space. Located three miles southeast of downtown Jacksonville, Laurel Pointe offers convenient access to ALT 1, a major arterial highway in the region.
“We are pleased to expand our footprint in the Jacksonville market with the acquisition of Laurel Pointe. The property benefits from its close proximity to the downtown area, central business district, and is located less than one mile from another Carter Multifamily property, Peppertree Lane. This allows the two properties to share resources, create operational efficiencies, and enhance on-site management, which residents should benefit from,” said Cindy Pfeifer, chief executive officer of Carter Multifamily.
Carter Multifamily intends to reposition Laurel Pointe to be a best-in-class apartment community to serve the area’s large concentration of medical, retail, technology and marine science professionals. Renovations will include updates to apartment home interiors and common areas, including the pool, playground and recreational areas. There are also plans to add a fenced-in dog park, athletic field, internet café, and added outdoor gathering areas.
Carter Multifamily invests in undermanaged, established, income-producing multifamily and student housing properties in high-growth markets throughout the U.S. that offer value-add enhancement opportunities. Specifically, the company seeks to acquire Class B and Class C garden-style and conventional multifamily properties, as well as on- and off-campus student housing, built before 2005.