Tampa-based Carter Multifamily Growth & Income Fund, LLC, a Reg D fund that invests in value-add Class B and C multifamily assets located throughout the United States, has purchased its first property, Peppertree Lane Apartments, a 168-unit community located in Jacksonville, Florida. The fund paid approximately $12 million for the property, or $71,429 per unit.
Constructed in 1971 and located three miles south of the Jacksonville Central Business District, Peppertree Lane is comprised of 18 buildings and was 98 percent occupied at the time of the acquisition.
Carter Multifamily said that it intends to execute a “substantive” value-add strategy to reposition the property as a “best in class” work-force housing community by enhancing the amenity package, completing interior and exterior upgrades, and by implementing property management best practices.
“Peppertree Lane is representative of the type of asset that will benefit from the execution of our value-enhancement program, which will substantially improve and update the overall community while also providing improved, yet affordable, workforce housing that is in such high demand by middle market Americans today,” said Cindy Pfeifer, CEO of Carter Multifamily.
In other Carter Multifamily news, earlier this year the company hired Joe Laganza as senior vice president of national accounts.
Carter Multifamily is a real estate company focused on acquiring multifamily real estate investments that offer value-add enhancement opportunities.