Carter Multifamily, the sponsor of private placement offerings that invest in value-add multifamily assets, has purchased the 392-unit The Reserve of Byram located in Byram Mississippi for approximately $46.4 million.
Built in two phases in 2000 and 2006, The Reserve of Byram sits on roughly 33 acres of land near shopping, dining, entertainment and recreational locales. The community includes one-, two- and three-bedroom floorplan options. Property amenities include gated entry, a pool and spa with a sundeck, outdoor grilling areas, a billiards room, fitness center, clubhouse, and on-site car wash facility.
Carter Multifamily intends to execute a value-add strategy by enhancing the amenity package, completing interior and exterior upgrades, and by implementing institutionally based property management best practices.
“The high-quality features and location of this property, along with our ‘management improvement’ strategy, enables us to deliver a desirable community for residents of this growing area at an attractive price point,” said Ray Hutchinson, chief investment officer of Carter Multifamily. “We are excited about the strong rental performance of this market, which has fared well during the pandemic, and the upgrades we have planned…”
Carter Multifamily is a private real estate company focused on high-growth multifamily real estate with value-add enhancement opportunities.