Carter Funds, a fully-integrated real estate investment and fund management firm, today announced the sale of 16 garden-style multifamily properties located throughout the southeastern United States. The properties were owned by Carter Multifamily, a Carter Funds company, and sold during the week of September 13, 2021, for a combined sale price of approximately $394 million. Carter Multifamily purchased the properties throughout 2019 for $274 million.
During the approximate two-year average hold period of the properties, Carter Funds completed exterior and interior unit renovations, decreased vacancies, and increased average monthly rents on occupied units. Exterior renovations included enhancements to community amenities, including the addition of sport courts and gaming areas, updated pool decks, new seating areas, and outdoor kitchens. Interior renovations included installing gourmet kitchen finishes, new flooring, bathroom remodels and upgraded appliances and lighting. As a result of these renovations, operational improvements, and solid market performance, Carter Funds was able to re-position and market the assets as beneficial value-add opportunities in high-growth submarkets of the Southeast region.
“We are pleased to announce this significant milestone for the Company and to see the strong results we were able to achieve through this transaction. I am extremely grateful to the entire Carter Funds and Allegiant-Carter Management team for their hard work in operating the assets with institutional best practices over the past two years and executing a seamless, successful sale. We are looking forward to finding new ways to generate value and take advantage of the strong multifamily fundamentals in the southern markets we consider for future acquisitions, while also providing middle market Americans with affordable, quality housing,” said Ray Hutchinson, chief investment officer of Carter Funds.
About Carter Funds
Carter Funds is a fully integrated real estate company built on over 250 years of real estate experience. Carter Multifamily, a Carter Funds company, is focused on acquiring established, income-producing apartment projects throughout the Southern U.S. Carter Multifamily leverages beneficial capital and industry relationships to acquire multifamily real estate investments that are affordable and essential to a growing population of renters. Learn more: www.carterfunds.com and www.cartermultifamily.com.
Director of Marketing, Carter Funds