MACON, GA - Carter Multifamily 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.
TEN35 ALEXANDER – Augusta, GA: TEN35 Alexander is situated in the increasingly desirable west Augusta neighborhood, just east of Interstate 20 and Washington Road. Built in 2001, TEN35 Alexander offers 200 modern and spacious apartment homes averaging 1,118 square feet. This community is just minutes from Augusta's premier retail and dining options, including the upscale Surrey Center.
HERITAGE AT RIVERSTONE – Canton, GA: The 240-unit Heritage at Riverstone apartment community is strategically positioned in the heart of Canton's retail hub and near top-tier schools, restaurants, and recreational facilities. Built in 2001, Heritage at Riverstone boasts a solid foundation of stacked stoned and hard-plank siding exteriors, an attractive exterior design, and spacious floor plans averaging 1,067 square feet.
FALLS AT SPRING CREEK – Macon, GA: Situated in desirable northwest Macon in the River Crossing district, the 296-unit Falls at Spring Creek is in a highly sought-after location near diverse retail hubs. According to Cushman Wakefield, Macon is a booming multifamily market boasting year-over-year average effective rent growth and decreasing vacancy hovering around 4%.
LEGACY AT RIVER CROSSING – Macon, GA: Legacy at River Crossing's entrance is across the street from The Shoppes at River Crossing, a new popular shopping and dining area in north Macon, GA. Built in 1986, the 200-unit Legacy at River Crossing shares its northern property line with Falls at Spring Creek allowing for multiple economies of scale and operational efficiencies due to the two assets sharing similar vintage and location.
RIVERSTONE – Macon, GA: Also located in Macon, less than a mile from Legacy at River Crossing, the 220-unit Riverstone is a fully gated community built in 2012, with a beautifully landscaped saltwater pool and best-in-class amenities. Strategically located less than a quarter mile off of I-75, Riverstone benefits from easy access to the city's largest and most diverse retail corridors.
"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.