Carter Multifamily Acquires Georgia Portfolio for $118.2M
The joint-venture transaction, facilitated by five Fannie Mae loans, consists of five apartment communities totaling 1,156 units.
AUGUSTA, GA – Carter Multifamily has acquired five Georgia apartment communities for the collective price of $118.2 million in a joint venture transaction with RSE Capital Partners. The acquisition was facilitated by five Fannie Mae loans.
The properties, comprised of 1,156 units in Augusta, GA, Canton, GA and Macon, GA, include TEN35 Alexander, Heritage at Riverstone, Falls at Spring Creek, Legacy at River Crossing and Riverstone.
Carter Multifamily intends to implement a value-add program at each of the properties, which will include updating amenity packages, interiors and common areas, such as the pool, clubhouse and recreational areas. The purchase and repositioning of these communities in their submarkets, carries-out the firm’s Middle Market America strategy, with plans to serve retail, hospitality, education and health services professionals as tenants.
The acquired properties are as follows:
TEN35 Alexander, located in the west Augusta neighborhood, features 200 apartments, averaging 1,118 square feet. Built in 2001, the apartments are situated near retail and dining options, including the Surrey Center, just east of Interstate 20 and Washington Road.
Heritage at Riverstone in Canton, GA, features 240-units averaging 1,067-square-foot floorplans and stacked-stone and hard-plank exteriors. Built in 2001, the community is positioned in Canton’s retail hub near restaurants, schools and recreational facilities.
The Falls at Spring Creek is a 296-unit complex in the northwest River Crossing district of Macon, GA, near diverse retail hubs.
Legacy at River Crossing, built in 1986, offers 200-units and is situated across the street from The Shoppes at River Crossing and directly next to the Falls at Spring Creek in north Macon, GA.
Riverstone, a 220-unit complex is also located in Macon, GA, near Legacy at River Crossing. Built in 2012, Riverstone is a fully-gated community which features a saltwater pool and ample amenities, less than a mile off of I-75.
The joint venture transaction was advised by NorthMarq Capital LLC.
Carter Multifamily encompasses a group of companies that focus on value-add opportunities to multifamily real estate.
RSE Capital Partners is a principal investor that offers capital solutions to clients. The firm is currently invested in more than 20,000 units nationwide, for a total of more than $4 billion in institutional multifamily assets.
➤➤ Join the GlobeSt.APARTMENTS (formerly RealShare) conference October 29-30 in Los Angeles. The event will analyze the opportunity in the emerging trends and conditions of the multifamily market. Don’t miss out on joining the 1000+ of the industry’s top owners, investors, developers, brokers and financiers as they gather for THE MULTIFAMILY EVENT OF THE YEAR! Click here to register and view the agenda.