MACON, GA - Carter Multifamily announced its acquisition of Adrian on Riverside for $41.1 Million. Built in two phases in 2003 and 2009, Adrian on Riverside has 224 units and spans 32.47 acres of land in a desirable location in Macon, Georgia, with proximity to area employers, as well as local dining, shopping, and recreation.
The community features well-designed one, two, and three-bedroom units. The high-quality amenities include a resort-style swimming pool, fitness center, grill and sundeck, playground, game room, movie theater, and more.
The property is located in the Macon, GA submarket, which has a strong rental market and a low vacancy rate of 2.3%. The market is projected to continue making significant rent gains and limited supply is expected in the area in 2022.
"We're excited to continue to grow our footprint in a market supported by excellent growth fundamentals, favorable renter demographics, and limited new supply. We believe that Macon's growing job base, high average household incomes, and favorable rent trends will continue to fuel demand growth for high-quality, affordable multifamily housing," said Ray Hutchinson, Chief Investment Officer of Carter Multifamily.
Carter Multifamily intends to execute a value-add strategy which will include operational improvements, including implementing institutionally based property management best practices, upgrades to community amenities, interior unit renovations, and exterior plant improvements.