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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
- ◦Sale/Acquisition
