Carter Multifamily, the sponsor of private placement offerings that invest in value-add multifamily assets, has purchased the 240-unit Summerchase at Riverchase near Birmingham, Alabama for approximately $26.7 million in an off-market transaction.
Built in 1988, Summerchase is comprised of 16 two-story, wood frame buildings situated on nearly 25 acres of land in Hoover, Alabama, roughly 10 miles south of Downtown Birmingham. The property has a mix of one- and two-bedroom units, with community amenities that include a clubhouse, pool and spa with sundeck, outdoor grilling areas, fitness center, tennis courts, two pet parks, and on-site laundry facilities.
“We are excited about the performance potential of this market which has fared well during the pandemic and the improvements we have planned to enhance the resident experience at this community,” said Ray Hutchinson, chief investment officer of Carter Multifamily.
Carter Multifamily noted that it plans to execute a value-add strategy by enhancing the amenity package, completing interior and exterior upgrades, and implementing property management best practices.
Carter Multifamily’s investment strategy focuses on acquiring established, income-producing Class B and Class C multifamily assets in high-growth markets throughout the Southeast U.S with strong demand for workforce housing.