Carter Multifamily, the sponsor of Carter Multifamily Growth & Income Fund LLC – a private placement fund that invests in value-add multifamily assets, has acquired the 440-unit Polos on Park in Tallahassee, Florida for approximately $41.8 million. The company plans to renovate the community and rebrand as 2626 Park.
2626 Park, which includes one-, two-, and three-bedroom apartment units ranging from 745 to 1196 square feet, is comprised of 21 two- and three-story residential buildings, a leasing office, amenities building, and nine garage structures. Built in 1999 and located at 2626 E. Park Avenue, the property is located near Downtown Tallahassee with access to major employment, retail, and entertainment centers.
“We believe 2626 Park is in a perfect location to serve Tallahassee’s vibrant, dynamic workforce and student population. Both Capitol Hill and Tallahassee Memorial Hospital are just a 5-minute drive from the property and the city’s largest universities are just a 12-minute drive,” said Cindy Pfeifer, chief executive officer of Carter Multifamily.
Carter Multifamily intends to reposition the property to be a best-in-class apartment community to serve the area’s large concentration of government, education and health services professionals.
Renovations are expected to include updates to apartment home interiors and common areas, including the pool, clubhouse, and recreational areas. The company noted that there are also plans to add a fenced-in pet park and dog spa, on-demand fitness center, internet café, and added outdoor gathering areas.
In other Carter Multifamily news, earlier this month the company purchased the 262-unit Moncler Landings in Jacksonville, Florida for approximately $23.2 million.
Carter Multifamily is a group of companies focused on multifamily real estate that offer value-add enhancement opportunities.