Carter Multifamily, an affiliate of Carter Funds and sponsor of private placement offerings, has acquired Astoria Apartments, a 252-unit multifamily community in Mobile, Alabama for $36.6 million. Built in 2001 and spanning 293,892 rentable square feet, Astoria offers one-, two- and three-bedroom apartment homes.
The property is located in the Mobile Bay region, where residents have access to downtown Mobile. The company says the region is Alabama’s second largest metro area and a manufacturing hub with close proximity to the Port of Mobile and connectivity to large rail, water and interstate transportation systems.
“We’re excited to continue to grow our footprint in a market supported by high growth fundamentals, favorable renter demographics, and limited new supply. We believe that Mobile will continue to fuel demand growth for high-quality, affordable multifamily housing and that Astoria will be a valuable addition to our real estate portfolio,” said Ray Hutchinson, chief investment officer of Carter Multifamily.
Property amenities include a saltwater swimming pool with an outdoor kitchen, resident lounge with billiards, foosball and a coffee bar, and a remodeled clubhouse and wellness center.
Carter says it intends to execute a value-add strategy which will include operational improvements, upgrades to community amenities, interior unit renovations and exterior plant improvements.
Carter Multifamily focuses on acquiring multifamily assets with value-add opportunities.