MACON, Ga.,- Carter Multifamily today announced its acquisition of five apartment communities located in Augusta, GA, Canton, GA, and Macon, GA. The properties, consisting of 1,156 total units, sold for a combined purchase price of approximately $118.2 million. This joint venture transaction was capitalized in partnership with RSE Capital Partners, advised by NorthMarq Capital, LLC, and facilitated by the assumption of five Fannie Mae loans.
“We are pleased to acquire the five high-quality apartment communities that make up the Georgia Portfolio. The underlying economic characteristics of the Augusta, Canton and Macon submarkets make the properties’ locations ideal for our Middle Market America strategy. We are looking forward to delivering a compelling value add program at each of the properties, furthering their attractiveness and amenity packages for the growing population of renters in these highly-desirable areas,” said Cindy Pfeifer, chief executive officer of Carter Multifamily.
Carter Multifamily intends to reposition the properties to be best-in-class apartment communities to serve the areas’ large concentration of retail, hospitality, education and health services professionals. Renovations are expected to include updates to apartment home interiors and common areas, including the pool, clubhouse, and recreational areas.
About Carter Multifamily
Carter Multifamily is a group of companies focused on multifamily real estate that offer value-add enhancement opportunities. Carter Multifamily’s leadership team has significant experience in the multifamily real estate sector and leverages key industry relationships to focus on GROWTH and INCOME opportunities.
About RSE Capital Partners
RSE is a principal investor that provides flexible capital solutions for the top real estate sponsors. RSE is currently invested in over $4 billion of institutional multifamily assets including over 20,000 units across 25 states. For more information, please visit: rsecap.com.