Carter Multifamily Acquires Chace Lake Villas and Renaissance at Galleria Residence Communities for $58.2 Million in Birmingham

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Carter Multifamily Acquires Chace Lake Villas and Renaissance at Galleria Apartment Communities for $58.2 Million in Birmingham

BIRMINGHAM, AL – Carter Multifamily announced the acquisition of two properties: Renaissance at Galleria for $ 26,840,000 and Chace Lake Villas for $ 31,370,000.

Built in 1996, Chace Lake Villas is located in Birmingham, Alabama and has 264 units. It extends over 13.2 acres of land in a desirable location close to restaurants, shopping, entertainment, and the area's employers. The community has well-designed one-, two-, and three-bedroom units. High-quality amenities include a resort-style pool, BBQ pavilion, animal park, state-of-the-art fitness center, guest lounge, and much more.

Built in 1994, the Renaissance at Galleria is located in Hoover, Alabama, a desirable submarket of Birmingham and has 244 units. Hoover is one of the fastest growing suburbs of Birmingham with a population growth of 35% since 2000. The property occupies 19.4 acres and offers a mix of one and two bedroom apartments. Amenities include a relaxing outdoor sundeck, an animal park, sports fields, and a pool with an outdoor grill by the pool.

"We are excited to expand our presence in a market supported by excellent growth foundations, favorable tenant demographics and limited new supply. We believe that Hoover's growing employment base, high average household incomes and favorable rental trends will drive demand growth will continue to fuel high quality, affordable apartment buildings – and that is exactly what these two properties offer, "said Ray Hutchinson, chief investment officer of Carter Multifamily.

Carter Multifamily intends to implement a value creation strategy that includes operational improvements, including implementing institutional property management best practices, community facility upgrades, indoor unit renovations, and outdoor facilities improvements.

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