Carter Multifamily, the sponsor of Carter Multifamily Growth & Income Fund LLC – a private placement fund that invests in value-add multifamily assets, has sold Peppertree Lane, a 168-unit apartment property located in Jacksonville, Florida, for $16.2 million.
Carter Multifamily purchased the 1971-built property in April 2018 for $12 million and said that over the course of its 20-month ownership, completed renovations on 48 percent of the units and increased average monthly rents on occupied units.
The firm also completed exterior renovations, made enhancements to common areas and added outdoor amenities, including an outdoor kitchen and grilling station. Carter Multifamily said that as a result of these renovations and operational improvements, it was able to re-position the asset as a workforce apartment community.
Carter Multifamily’s value-add investment strategy focuses on acquiring established, income-producing Class B and Class C multifamily assets in high-growth markets throughout the Southeast U.S with strong demand for workforce housing and selling the improved assets at an accretive return.