Carter Multifamily has invested $121 million in acquiring four multifamily locations, with units in Mobile and Baldwin counties. The portfolio comprises Arbor Gates, with 184 units; The Gates at Jubilee, with 248 units; Lenox Gates, with 228 units; and Regency Gates, with 216 units, for a total of 876 garden-style units.
Overall occupancies at the acquisitions range from 92% to 96%, and the properties were built between 1992 and 1999. The properties are located in Mobile and Baldwin counties. According to Carter Multifamily, Baldwin County has had average annual rent growth from 2012 to 2021 at 3.7%, higher than the national average of 3.1%.
“Each of these properties are in high-growth southern markets where we have previously acquired properties and successfully executed our value-add strategy,” said Ray Hutchinson, chief investment officer of Carter Multifamily. “With its attractive tax environment and transportation infrastructure, we believe Baldwin County will continue to attract new residents with its low cost of living and high quality of life. This will continue to fuel demand growth for high-quality, affordable multifamily housing, making these properties unique value-add opportunities for Carter Multifamily.”
With the acquisition, Carter Multifamily now has 2,897 units in Alabama. It is a real estate company located in Tampa, Florida, that is focused on multifamily units throughout the United States in target markets featuring strong occupancy and job growth.