Carter Multifamily, the sponsor of Carter Multifamily Growth & Income Fund LLC – a private placement fund that invests in value-add multifamily assets, has purchased the 262-unit Moncler Landings in Jacksonville, Florida for approximately $23.2 million. The company plans to renovate the property and rebrand as The Oaks on Monument.
Built in 1975, The Oaks is located at 401 Monument Road and offers one-, two- and three-bedroom units ranging from 450 – 1,055 square feet.
“The Oaks marks our third acquisition in this area of Jacksonville, which we believe has proven to be a strong market with year-over-year rent growth fueled by a flourishing economy and impressive job growth,” said Cindy Pfeifer, chief executive officer of Carter Multifamily.
Carter Multifamily said that it intends to reposition The Oaks to be a best in-class apartment community to serve the area’s 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 for a fenced-in dog park, sports court, internet café and outdoor gathering areas.