Carter Multifamily, an affiliate of Carter Funds and sponsor of private placement offerings, has reportedly sold two multifamily properties for a combined sale price of $73.3 million.
The properties, 2626 Park in Tallahassee, Florida and Signature Place in Greenville, North Carolina, were originally purchased in 2018 for a combined $56.6 million, the company said.
Under it management and ownership, Carter said that it completed exterior and interior unit renovations, decreased vacancies, and increased average monthly rents on occupied units.
Exterior renovations included enhancements to common areas and added outdoor amenities, including repurposing a basketball court as a recreation area with cornhole, foosball, and game tables at 2626 Park, and a new fitness center at Signature Place.
“The sale of these middle-market properties exemplifies our Carter Multifamily value-add investment strategy and the results we aim to achieve for our investors,” said said Ray Hutchinson, chief investment officer. “Strong positioning within their respective markets paired with a successful rollout of a strategic value-add program and a high demand for affordable housing allowed us the advantage to time the exits appropriately and sell at a desirable return.”
Carter Multifamily focuses on acquiring established apartment properties throughout the Southern U.S.