JACKSON, MS – Carter Multifamily announced it has acquired The Gables, a 168-unit residential community, for approximately $ 26.6 million.
The Gables is located north of downtown Jackson, Mississippi, about two miles from Interstate 55 in the upscale suburb of Ridgeland. Ridgeland is considered a top Mississippi suburb and is in great demand for its proximity to quality schools, employment opportunities, a variety of retail stores, and endless entertainment options.
The Gables offers spacious one-, two-, and three-bedroom floor plan options, plus numerous community amenities, including a resort-style pool and spa, gated entrance, detached garages, outdoor BBQ areas, fitness center, and hotel laundry facilities.
"Ridgeland is a high quality multi-family submarket with solid demographics and encouraging economic fundamentals. Projected household growth more than double national estimates and household incomes expected to increase 3.4% through 2025 indicate its attractiveness and growth characteristics said Ray Hutchinson, Carter Multifamily's chief investment officer. "We like the strong historical rental performance of this market, which has performed well during the pandemic, and we are excited to introduce our upgrade program and enhanced service experience to residents of The Gables."
Carter Multifamily intends to implement a substantial value strategy by enhancing the equipment package, performing interior and exterior upgrades, and implementing institutional property management best practices.
Source: Carter apartment building