Source: Carter Multifamily
JACKSONVILLE, FL - Carter Multifamily (CMF) announced the sale of a 168-unit multifamily property, Peppertree Lane, located at 2800 S. University Blvd. in Jacksonville, Florida for $16.2 million on December 20, 2019. Carter Multifamily purchased Peppertree Lane on April 25, 2018, for $12.0 million.
During the 20 months CMF owned and operated the 1971-built community, it substantially renovated 48% of the total units and increased average monthly rents on occupied units. CMF also completed exterior renovations, made enhancements to common areas and added outdoor amenities, including an outdoor kitchen and grilling station. As a result of these renovations and operational improvements, CMF was able to re-position the asset as a premier workforce apartment community in Jacksonville, Florida.
"The disposition of Peppertree Lane exemplifies CMF's ability to execute on its value-add investment strategy to acquire Class B/C multifamily assets in high-growth markets with strong demand for workforce housing and sell the improved assets at an accretive return. This transaction marks a milestone for our company and embodies the results we strive to achieve," said Ray Hutchinson, chief investment officer of CMF.
Carter Multifamily is a real estate company built on over 150 years of real estate experience focused on acquiring established, income-producing Class B/C apartment projects throughout the Southeast U.S.