Carter Multifamily, the sponsor of private placement offerings that invest in value-add multifamily assets, has purchased two multifamily properties located in Alabama for a combined $58.2 million.
Built in 1996, Chace Lake Villas, located in Birmingham, Alabama, has 264 units and spans 13.2 acres of land. The community includes one-, two-, and three-bedroom units, as well as a swimming pool, gazebo with grilling station, a pet park, fitness center, and resident lounge.
Built in 1994, Renaissance at Galleria is located in Hoover, Alabama, a submarket of Birmingham, and has 244 units. The property is situated on 19.4 acres and includes a mix of one- and two-bedroom units. Amenities include a pool with sun deck and grilling station, a pet park, and sport courts.
Carter Multifamily said that it plans to execute a value-add strategy which will include operational improvements, including implementing “institutionally based property management best practices,” upgrades to community amenities, interior unit renovations, and exterior plant improvements.
“We’re excited to grow our footprint in a market supported by excellent growth fundamentals, favorable renter demographics, and limited new supply. We believe that Hoover’s growing job base, high average household incomes, and favorable renting trends will continue to fuel demand growth for high-quality, affordable multifamily housing – and that’s exactly what these two properties offer,” said Ray Hutchinson, chief investment officer of Carter Multifamily.
Carter Multifamily is a private real estate company focused on multifamily real estate with value-add enhancement opportunities.