Source: Carter Funds
TALLAHASSEE, FL - Carter Funds, a fully-integrated real estate investment firm, announced the sale of two garden-style multifamily properties: 2626 Park located in Tallahassee, Florida and Signature Place located in Greenville, North Carolina. The properties were owned by Carter Multifamily, a Carter Funds company, and sold for a combined sale price of $73.3 million. Carter Multifamily purchased 2626 Park in 2019 and Signature Place in 2018 for a combined $56.6 million.
Under Carter Funds' management and ownership, the Company completed 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 repurposing a basketball court as a recreation area with cornhole, foosball, and game tables at 2626 Park, and a new fitness center at Signature Place. As a result of the renovations, operational improvements, and solid market performance, Carter Funds was able to re-position and market the assets as beneficial value-add opportunities.
"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. Strong positioning within their respective markets paired with a successful rollout of a strategic value-add program and a high demand for affordable housing allowed us the advantage to time the exits appropriately and sell at a desirable return," said Ray Hutchinson, chief investment officer of CMF.