Source: Carter Multifamily
JACKSONVILLE, FL - Carter Funds, a fully-integrated real estate investment firm, announced the sale of two garden-style multifamily properties, The Oaks on Monument located at 401 Monument Rd., and Laurel Pointe located at 3000 Coronet Ln. in Jacksonville, Florida. The properties were owned by Carter Multifamily, a Carter Funds company, and sold on June 10, 2021, for a combined sale price of $49 million. Carter Multifamily purchased the properties in late 2018 for a combined $36.2 million.
During the approximate 2.5-year hold period, Carter Funds completed substantial exterior and interior unit renovations, decreased vacancies, and increased average monthly rents on occupied units. Exterior renovations included enhancements to common areas and added outdoor amenities, including a pet park at Laurel Pointe and expanding and renovating the fitness center at The Oaks on Monument. As a result of these renovations, operational improvements, and solid market performance, Carter Funds was able to re-position and market the assets as beneficial value-add opportunities in a high-growth submarket of Jacksonville, Florida.
"The sale of these middle-market properties exemplifies our Carter Multifamily value-add investment strategy and the results we aim to achieve for our investors. During our ownership of these two properties, Jacksonville has ranked in the top five for rent growth amongst markets with over 1 million residents. This strong multifamily market paired with a successful rollout of a strategic value-add program and a high demand for affordable housing in the Southeast allowed us the advantage to time the exits appropriately and sell at a desirable return," said Ray Hutchinson, chief investment officer of CMF.