MOBILE, AL – Private real estate company Carter Multifamily has acquired a four-property multifamily portfolio in Mobile, AL for $121 million.
The 876-unit portfolio comprises the 184-unit Arbor Gates, the 248-unit The Gates at Jubilee, the 228-unit Lenox Gates, and the 216-unit Regency Gates.
The properties, build between 1992 and 1999, currently range from 92% occupied to 96% occupied.
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Carter Multifamily plans to implement a value-add strategy at the properties that will include executing institutionally-based property management best practices, community amenity upgrades, unit renovations and exterior plan improvements.
Located in Baldwin County, the properties are situated near local employment, retail and recreation offerings. Between 2012 and 2021, the county experienced an average annual rent growth of 3.7%. The area's quarterly occupancy rates have remained around 95% since 2011.
"Each of these properties are in high-growth southern markets where we have previously acquired properties and successfully executed our value-add strategy," says Ray Hutchinson, chief investment officer at Carter Multifamily. "We're excited to continue to grow our footprint in a market supported by excellent growth fundamentals, favorable renter demographics and limited new supply."
Hutchinson adds, "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."
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