JACKSON, MS - Carter Multifamily announced its acquisition of The Gables, a 168-unit apartment community, for approximately $26.6 million.
Located just north of downtown Jackson, Mississippi, The Gables is situated approximately two miles off Interstate 55 in the upscale suburb of Ridgeland. Consistently ranked as a top suburb in Mississippi, Ridgeland is highly sought-after due to its proximity to quality schools, employment opportunities, a diverse array of retail shops and endless entertainment options.
The Gables features spacious one-, two- and three-bedroom floorplan options with an abundance of community amenities, including a resort-style pool and spa, gated entry, detached garages, outdoor grilling areas, a fitness center, and an on-site laundry facility.
"Ridgeland is a quality multifamily submarket with solid demographics and encouraging economic fundamentals. A projected household growth of more than double the national estimates, along with a household income expected to rise by 3.4% through 2025, points to the area's attractiveness and growth characteristics," said Ray Hutchinson, chief investment officer of Carter Multifamily. "We like the strong historical rental performance of this market, which has fared well during the pandemic, and are thrilled to introduce our upgrade program and enhanced service experience to the residents of The Gables."
Carter Multifamily intends to execute a substantive value-add strategy by enhancing the amenity package, completing interior and exterior upgrades, and by implementing institutionally based property management best practices.
Source: Carter Multifamily