Carter Multifamily Sells Georgia Value-Add Property for $36 Million
Carter Multifamily, an affiliate of Carter Funds and sponsor of private placement offerings, has reportedly sold Ten35 Alexander in Augusta, Georgia.
Carter Multifamily, an affiliate of Carter Funds and sponsor of private placement offerings, has reportedly sold Ten35 Alexander, a 200-unit multifamily property located in Augusta, Georgia, for $36 million.
The company said that it purchased the 20-year-old property in July 2019 for $21.6 million, and during the approximate two-year hold period, completed “substantial” exterior and interior unit renovations, decreased unit vacancies, and increased average monthly rents on occupied units. Exterior renovations included enhancements to common areas and added outdoor amenities, including a pet park, recreational area, and upgrades to the pool deck.
“Augusta is a highly desirable multifamily market supported by strong rental demand, growing household formations, and stable apartment occupancy that has hovered in the mid-90s since 2014,” said said Ray Hutchinson, chief investment officer of Carter Funds. “These solid market fundamentals paired with Ten 35 Alexander’s attractive curb appeal with desirable amenities and strong value-add performance led to a successful sale and the results we aim to achieve for our investors.”
Carter Multifamily focuses on acquiring established, income-producing Class B and Class C apartment projects throughout the Southern U.S.
