Carter Multifamily Buys Georgia Multifamily Property for $41.1 Million
Carter Multifamily, an affiliate of Carter Funds and sponsor of private placement offerings, has purchased Adrian on Riverside in Macon, Georgia.
Carter Multifamily, an affiliate of Carter Funds and sponsor of private placement offerings, has purchased Adrian on Riverside, a 224-unit multifamily property located in Macon, Georgia, for $41.1 million.
Built in two phases in 2003 and 2009, Adrian on Riverside spans 32.5 acres and is within close proximity to area employers, as well as local dining, shopping, and recreation. The community is comprised of one-, two-, and three-bedroom units with property amenities that include a swimming pool, fitness center, grill and sundeck, playground, game room, and movie theater.
“We’re excited to continue to grow our footprint in a market supported by excellent growth fundamentals, favorable renter demographics, and limited new supply. We believe that Macon’s growing job base, high average household incomes, and favorable rent trends will continue to fuel demand growth for high-quality, affordable multifamily housing,” said Ray Hutchinson, chief investment officer.
Carter Multifamily said that it intends to execute value-add operational improvements, including “implementing institutionally based property management best practices, upgrades to community amenities, interior unit renovations, and exterior plant improvements.”
Carter Multifamily focuses on acquiring multifamily assets with value-add opportunities.
