BIRMINGHAM, AL – Carter Multifamily announced it has acquired Summerchase, which has 240 units in Riverchase, for approximately $ 26.67 million.
Built in 1988, the Hoover, AL shared apartment comprises 16 two-story timber frame buildings on 24.73 acres in a natural, wooded, park-like setting. The unit mix includes units with one and two bedrooms.
Communal facilities include a clubhouse, resort-style pool and spa with sundeck, outdoor BBQ areas, fitness center, tennis courts, two animal parks, and on-site laundry facilities. Residents have 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 the location of this off-market deal in connection with our strategic implementation of a value creation strategy are aimed at generating risk management-oriented and positive returns. We are delighted with the performance potential of this market, which has developed well during the pandemic and the improvements we have planned to improve the experience for residents in this community, "said Ray Hutchinson, Carter Multifamily chief investment officer.
Carter Multifamily intends to implement a substantial value strategy by enhancing the equipment package, performing interior and exterior upgrades, and implementing property management best practices.
Source: Carter apartment building