Carter Multifamily Acquires $121 Million Multifamily Portfolio in Mobile, Alabama

Acquisition of 876 garden-style value-add units expands Carter's AUM to 2,897 units in Alabama.

MOBILE, Ala., April 4, 2022 /PRNewswire/ -- Carter Multifamily today announced it has acquired a $121 million multifamily four-property portfolio located in the Mobile, Alabama market. 

The portfolio is comprised four properties - Arbor Gates - 184 units, The Gates at Jubilee - 248 units, Lenox Gates - 228 units and Regency Gates - 216 units.

Overall occupancies at acquisition ranged from 92% to 96% and the properties were built between 1992 to 1999. These communities offer quality amenities and convenient access to local employment options, dining, shopping, and recreation. The properties are located in Mobile's Baldwin County, a robust rental market with exceptional rent growth. Average annual rent growth in Baldwin County from 2012 to 2021 was 3.7%, which is higher than the national annual rate of 3.1%. Quarterly occupancy rates in Baldwin County have remained stable at around 95% since 2011.

According to Ray Hutchinson, Chief Investment Officer of Carter Multifamily, "Each of these properties are in high-growth southern markets where we have previously acquired properties and successfully executed our value-add strategy. We're excited to continue to grow our footprint in a market supported by excellent growth fundamentals, favorable renter demographics, and limited new supply."

He added, "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."

Carter Multifamily intends to execute a value-add strategy which will include operational improvements, including implementing institutionally based property management best practices, upgrades to community amenities, interior unit renovations, and exterior plant improvements. 

Carter Multifamily is a private real estate company focused on high-growth multifamily real estate with value-add enhancement opportunities. Carter Multifamily's leadership team has over 279 years of experience in the real estate sector and leverages key relationships in its multifamily business.

Media Contact:
Domonique Link
Marketing Manager, Carter Multifamily
[email protected]
813-535-7917

SOURCE Carter Multifamily