Source: Carter Multifamily
MOBILE, AL - Carter Multifamily announced its acquisition of Astoria Apartments, a 252-unit community on Grelot Road in Mobile, Alabama. Built in 2001 and spanning 293,892 rentable square feet, Astoria offers well-designed one, two, and three-bedroom apartment homes.
The property is located in the Mobile Bay region, an outstanding location for residents given its access to downtown Mobile, employment drivers, and quality retail. The region is Alabama's second largest metro area and a strong manufacturing hub with close proximity to the Port of Mobile and excellent connectivity to large rail, water, and interstate transportation systems. According to RealPage, over the past five years, the Mobile/Daphne market has experienced rent growth, limited new supply, and a healthy average apartment occupancy of 95.5%.
"We're excited to continue to grow our footprint in a market supported by high growth fundamentals, favorable renter demographics, and limited new supply. We believe that Mobile will continue to fuel demand growth for high-quality, affordable multifamily housing and that Astoria will be a valuable addition to our real estate portfolio," said Ray Hutchinson, chief investment officer of Carter Multifamily.
Property amenities include: a saltwater swimming pool with an outdoor kitchen, resident lounge with billiards, foosball and a coffee bar, and a remodeled clubhouse and wellness center. Carter Multifamily intends to execute a value-add strategy which will include operational improvements, upgrades to community amenities, interior unit renovations, and exterior plant improvements.