Carter Funds Completes The Sale of Two Worth-Add Condo Communities in Florida and North Carolina for $73.three Million

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Carter Funds Completes The Sale of Two Value-Add Apartment Communities in Florida and North Carolina for $73.3 Million

TALLAHASSEE, FL – Carter Funds, a fully integrated real estate investment company, announced the sale of two garden-style apartment buildings: 2626 Park in Tallahassee, Florida and Signature Place in Greenville, North Carolina. The properties were owned by Carter Multifamily, a Carter Funds company, and sold for a total sale price of $ 73.3 million. Carter Multifamily bought 2626 Park and Signature Place in 2018 for a combined total of $ 56.6 million.

Under the direction and ownership of Carter Funds, the company completed the renovation of the exteriors and interiors of the units, decreased vacancy rates and increased average monthly rents for inhabited units. Exterior renovations included improvements to public areas and additional outdoor amenities, including converting a basketball court into a recreation area with a cornhole, foosball, and game tables in 2626 Park, and a new fitness center in Signature Place. As a result of the renovations, operational improvements, and solid market performance, Carter Funds was able to reposition the assets and market them as beneficial value creation opportunities.

"The sale of these medium-sized properties exemplifies our Carter Multifamily value-add investment strategy and the results we want to achieve for our investors. Strong positioning in their respective markets paired with a successful introduction of a strategic value-add program and a high level The demand for affordable housing has given us the advantage of properly planning the exits and selling them at a desirable rate of return, "said Ray Hutchinson, chief investment officer, CMF.

Source: Carter monies

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