Atlanta & Southeast + Southeast + Apartments | December 7, 2022

Carter Multifamily has purchased Astoria apartments in Mobile, AL for $35.6 million.

Carter Multifamily Heads to Mobile for $36M Community Purchase

Tampa, FL-based private real estate investment company Carter Multifamily has completed its $35.6-million purchase of Astoria, a 252-unit multifamily community located in Mobile, AL.

Andrew Brown and Ben Thomas of Cushman & Wakefield represented the seller, real estate investment and advisory firm Saxony Capital Management, in the transaction.

“Astoria is a great asset, well-located with good bones,” said Brown. “Current ownership did a fantastic job proving out the value-add concept and Carter Multifamily plans to continue with interior renovations that will generate substantial rent premiums.”

The 2001-constructed property includes a resident lounge with billiards, foosball and coffee bar, a remodeled clubhouse and wellness center, valet trash removal and a saltwater swimming pool with an outdoor kitchen area.

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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.