JACKSONVILLE, FL – Tampa, Florida-based Carter Multifamily Growth & Income Fund announced that it acquired Peppertree Lane Apartments, a 168-unit community located in Jacksonville, Florida. The acquisition marks the first for Carter Multifamily, which focuses on acquiring value-add Class B and C multifamily assets located throughout the United States.
Constructed in 1971, Peppertree Lane is comprised of 18 buildings and was 98% occupied at the time of the acquisition. Located just three miles south of the Jacksonville Central Business District, the community provides workforce housing for the area’s surrounding medical, educational and business employers.
Carter Multifamily acquired Peppertree Lane for approximately $12 million, or $71,429 per unit, and Carter Multifamily intends to execute a substantive value-add strategy to reposition Peppertree Lane as a “best in class” work-force housing community by enhancing the amenity package, completing interior and exterior upgrades, and by implementing property management best practices.
“Peppertree Lane is representative of the type of asset that will benefit from the execution of our value-enhancement program, which will substantially improve and update the overall community while also providing improved, yet affordable, workforce housing that is in such high demand by middle market Americans today,” said Cindy Pfeifer, CEO of Carter Multifamily. “Adding to its appeal, the community has a 98% occupancy rate, providing stable cash flows and an opportunity to create additional value through the value-enhancement implementation. We are confident that the market’s strong fundamentals will continue to drive property values favorably.”