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Florida & Gulf Coast  + North Florida  + Apartments  |  November 17, 2021
Tallahassee, FL Skyline
Lisa McDuffie
By: Lisa McDuffie

Carter Funds Sells FL, NC Multifams for $17M Above 2018 Purchase Price

Tallahassee-based Carter Funds has sold two multifamily communities for a combined $73.3 million, $16.7 more than when the properties were purchased in 2018 for a combined $56.6 million.

The two garden-style properties are 2626 Park in Tallahassee, FL, and Signature Place located in Greenville, NC. The properties were owned by Carter Multifamily, a Carter Funds company.

Under Carter Funds’ management and ownership, the company completed exterior and interior unit renovations, decreased vacancies and increased average monthly rents on occupied units.

“Strong positioning within their respective markets paired with a successful rollout of a strategic value-add program and a high demand for affordable housing allowed us the advantage to time the exits appropriately and sell at a desirable return,” said Ray Hutchinson, chief investment officer of CMF.

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Inside The Story

Carter Multifamily’s Hutchinson

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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