SLIDELL, LA - Carter Multifamily announced today that it acquired Pelican Pointe Apartments, a 266-unit Class B apartment community located in Slidell, Louisiana, just 30 miles northeast of downtown New Orleans.
Nestled on the northern shore of Lake Pontchartrain, Slidell is in St. Tammany Parish, a desirable and high-growth suburban submarket, which ranks amongst the top 10 Louisiana school districts for K-12th grade. Slidell offers residents small-city bustle with a plethora of tranquil nature parks and outdoor recreational activity areas.
Built in 2000, Pelican Pointe is comprised of twenty-two three-story residential buildings, a two-story clubhouse/office building, and a maintenance building. Pelican Pointe was purchased by Carter Multifamily for $28.6 million on October 12, 2018, and offers affordably priced 1-, 2-, and 3-bedroom apartment units.
"Pelican Pointe is located in a strong submarket with favorable workforce demographics, high barriers to entry, and a positive growth outlook," said Cindy Pfeifer, CEO of Carter Multifamily. "Easily accessible from New Orleans and minutes from Slidell's largest employers, Pelican Pointe offers high-quality, affordable rental housing to the residents of this flourishing area."
Carter Multifamily intends to commence renovations to modernize the property including flooring, appliance, and lighting updates in units as well as enhancements to building exteriors and common areas. There are also plans to add a tech café, an outdoor kitchen with grills, bar seating by the pool, an outdoor fitness trail, a dog park, fire pits and additional outdoor gathering areas. Such renovations are scheduled to begin immediately.
Carter Multifamily is a group of companies focused on multifamily real estate that offers 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.