Carter Multifamily Sells Two Florida Value-Add Properties
Carter Multifamily, an affiliate of Carter Funds and sponsor of private placement offerings, has sold two multifamily properties in Jacksonville, Florida.
Carter Multifamily, an affiliate of Carter Funds and sponsor of private placement offerings, has sold two multifamily properties, The Oaks on Monument and Laurel Pointe, in Jacksonville, Florida for a combined $49 million, according to the company.
The properties were originally purchased in late 2018 for a combined $36.2 million. During the approximate 2.5-year hold period, Carter Funds completed exterior and interior unit renovations, decreased vacancies, and increased average monthly rents on occupied units.
“During our ownership of these two properties, Jacksonville has ranked in the top five for rent growth amongst markets with over 1 million residents,” said Ray Hutchinson, chief investment officer of Carter Multifamily. “This strong multifamily market paired with a successful rollout of a strategic value-add program and a high demand for affordable housing in the Southeast allowed us the advantage to time the exits appropriately and sell at a desirable return.”
Carter Multifamily focuses on acquiring established, income-producing Class B and Class C apartment projects throughout the Southern U.S.
