JACKSONVILLE, FL – Carter Funds, a fully integrated real estate investment firm, announced the sale of two garden-style apartment buildings, The Oaks on Monument at 401 Monument Rd. And Laurel Pointe at 3000 Coronet Ln. in Jacksonville, Florida. The properties were owned by Carter Multifamily, a Carter Funds company, and sold on June 10, 2021 for a total sale price of $ 49 million. Carter Multifamily acquired the properties in late 2018 for a total of $ 36.2 million.
During the approximately 2.5-year holding period, Carter Funds completed extensive exterior and interior renovations, reduced vacancies and increased average monthly rents for inhabited units. The exterior renovations included improvements to public areas and additional outdoor facilities, including an animal park at Laurel Pointe and the expansion and renovation of the fitness center at The Oaks on Monument. As a result of these renovations, operational improvements, and solid market performance, Carter Funds was able to reposition the assets and market them as beneficial value creation opportunities in a high-growth submarket of Jacksonville, Florida.
"The sale of these midsize properties exemplifies our Carter Multifamily value-add investment strategy and the results we seek for our investors. While we own these two properties, Jacksonville ranks in the top 5 rental growth markets of over 1 Million residents. This strong multi-family market, coupled with the successful launch of a strategic value-added program and high demand for affordable housing in the Southeast, gave us the advantage of planning the exits appropriately and selling them at a desirable return, "said Ray Hutchinson, Chief Investment Officer from CMF.
Source: Carter apartment building