Carter Multifamily, an affiliate of Carter Funds and sponsor of private placement offerings, has reportedly sold 16 multifamily properties located throughout the southeastern United States for a combined $394 million.
The company said that it purchased the properties throughout 2019 for $274 million, and during the approximate two-year hold period, completed exterior and interior unit renovations, decreased vacancies, and increased average monthly rents on occupied units.
Exterior renovations included the addition of sport courts and gaming areas and updating the pool decks, seating areas, and outdoor kitchens. Interior renovations included installing “gourmet” kitchen finishes, new flooring, bathroom remodels and upgraded appliances and lighting.
“As a result of these renovations, operational improvements, and solid market performance, Carter Funds was able to re-position and market the assets as beneficial value-add opportunities in high-growth submarkets of the Southeast region,” the company said.
In related news, Carter Multifamily sold a Georgia value-add property for $36 million earlier this month, as reported by The DI Wire.
Carter Multifamily focuses on acquiring established, income-producing Class B and Class C apartment projects throughout the Southern U.S.