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Carter Multifamily has acquired a four-multifamily property portfolio located in the Mobile, AL area for $121 million.

Carter Multifamily Acquires $121M Apartment Portfolio in Mobile

Tampa, FL-based Carter Multifamily has acquired a $121-million, four-multifamily property portfolio located in the Mobile, AL market.

  • Arbor Gates – 184 units
  • The Gates at Jubilee – 248 units
  • Lenox Gates – 228 units
  • Regency Gates – 216 units

Occupancies at acquisition ranged from 92% to 96% and the properties were built between 1992 to 1999. The communities offer quality amenities and access to local employment options, dining, shopping and recreation.

Average annual rent growth from 2012 to 2021 in Mobile’s Baldwin County was 3.7% (national average is 3.1%). Quarterly occupancy rates have remained around 95% since 2011.

“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,” said Ray Hutchinson, Carter Multifamily. CIO “This will continue to fuel demand growth for high-quality, affordable multifamily housing, making these properties unique value-add opportunities for Carter Multifamily.”

Photo: Arbor Gates

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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.

  • ◦Sale/Acquisition
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