Carter Multifamily Buys Value-Add Apartment Community Located in North Carolina
Carter Multifamily, a group of real estate companies focused on value-add opportunities, has purchased Signature Place Apartments, a 171-unit community of Class B apartment homes located in Greenville, North Carolina. The purchase price was not disclosed.
Carter Multifamily, the sponsor of Carter Multifamily Growth & Income Fund LLC, a private placement fund that invests in value-add multifamily assets, has purchased Signature Place Apartments, a 171-unit community of Class B apartment homes located in Greenville, North Carolina. The purchase price was approximately $14.8 million.
Constructed in 1980, Signature Place includes a mix of garden-style and townhouse units and is located adjacent to Vidant Medical Center, a major employer in Pitt County with approximately 6,560 health care and administrative professionals.
“Signature Place is a true Middle Market America apartment community that offers residents quality, affordable housing that feels less like an apartment complex and more like a neighborhood,” said Cindy Pfeifer, CEO of Carter Multifamily. “Carter Multifamily plans to enhance and update the on-site amenities and living spaces to provide a more desirable community for the residents while also enhancing overall property value.”
Carter Multifamily intends to immediately commence renovations to modernize the property including flooring, appliance, and lighting updates in units as well as enhancements to building exteriors and common areas, including the pool, dog park and fitness center upgrades. There are also plans to add more outdoor seating, gathering areas, an outdoor kitchen, and fire pits around the community pool.
Carter Multifamily invests in undermanaged, established, income-producing multifamily and student housing properties in high-growth markets throughout the U.S. that offer value-add enhancement opportunities. Specifically, the company seeks to acquire Class B and Class C garden-style and conventional multifamily properties, as well as on- and off-campus student housing, built before 2005.
