Source: Carter Multifamily
BIRMINGHAM, AL - Carter Multifamily announced its acquisition of the 240-unit Summerchase at Riverchase for approximately $26.67 million.
Built in 1988, the Hoover, AL apartment community includes 16 two-story, wood frame buildings situated on 24.73 acres in a natural wooded park-like setting. The unit mix includes one- and two-bedroom units.
Community amenities include a clubhouse, resort style pool and spa with sundeck, outdoor grilling areas, fitness center, tennis courts, two pet parks, and on-site laundry facilities. Residents enjoy direct access to Birmingham and major employers via I-65 as well as 5.5 million square feet of nearby Class A retail.
"The attractive fundamentals and location of this off-market deal paired with our strategic deployment of a value-add strategy aims to deliver risk-managed and accretive returns. We are excited about the performance potential of this market which has fared well during the pandemic and the improvements we have planned to enhance the resident experience at this community," said Ray Hutchinson, chief investment officer of Carter Multifamily.
Carter Multifamily intends to execute a substantive value-add strategy by enhancing the amenity package, completing interior and exterior upgrades, and by implementing property management best practices.