Source: Carter Funds
AUGUSTA, GA - Carter Funds, a fully-integrated real estate investment firm, announced the sale of a garden-style multifamily property, Ten35 Alexander located at 1035 Alexander Dr. in Augusta, Georgia. The 200-unit apartment community built in 2001 was purchased by Carter Multifamily, a Carter Funds company, on July 19, 2019, for $21.6 million and sold on August 30, 2021, for $36 million.
During the approximate two-year hold period, Carter Funds completed substantial exterior and interior unit renovations, decreased unit vacancies, and increased average monthly rents on occupied units. Exterior renovations included enhancements to common areas and added outdoor amenities, including a pet park, recreational area, and upgrades to the pool deck. As a result of these renovations, operational improvements, and solid market performance, Carter Funds was able to re-position the asset as a beneficial value-add opportunity in a high-growth submarket of Georgia.
"Augusta is a highly desirable multifamily market supported by strong rental demand, growing household formations, and stable apartment occupancy that has hovered in the mid-90s since 2014. These solid market fundamentals paired with Ten 35 Alexander's attractive curb appeal with desirable amenities and strong value-add performance led to a successful sale and the results we aim to achieve for our investors," said Ray Hutchinson, chief investment officer of Carter Funds.