Carter Multifamily Acquires Alabama Community

Carter Multifamily has expanded its Alabama holdings with the acquisition of Astoria Apartments, a 252-unit community in Mobile, Ala.

The seller and price paid for the property were not disclosed by the Tampa, Fla.-based firm.

Located at 7070 Grelot Road, the 293,892-square-foot property was built in 2001 and has one-, two- and three-bedroom floorplans. Community amenities include a saltwater swimming pool with an outdoor kitchen; resident lounge with billiards, foosball table and a coffee bar; wellness center and a remodeled clubhouse.

The property is situated in the Mobile Bay region, which has access to downtown Mobile employment drivers and quality retail. The region is Alabama’s second-largest metro area and is a strong manufacturing hub with close proximity to the Port of Mobile and excellent connectivity to large rail, water and interstate transportation systems.

Ray Hutchinson, chief investment officer at Carter Multifamily, said in a prepared statement the firm is excited to continue growing its footprint in a market supported by high growth fundamentals, favorable renter demographics and limited new supply. He said they believe Mobile will continue to fuel demand growth for high-quality affordable multifamily housing and Astoria Apartments will be a valuable addition to their real estate portfolio.

Carter Multifamily, a Carter Funds company focused on high-growth multifamily acquisitions with value-add opportunities, plans to make upgrades to community amenities and renovations to interior units. Additional value-add plans call for operational and exterior improvements.

Earlier Alabama deals

In April, Carter Multifamily acquired a four-property portfolio in the Mobile market totaling 876 units for $121 million. The company did not release the seller’s identity but Yardi Matrix data listed B&M Management, a commercial real estate investment and asset management firm, as the most recent owner of at least three of the assets–Arbor Gates, Lenox Gates and Regency Gates. The fourth acquisition in the deal was The Gates at Jubilee.

The Oaks of St. Clair, a 192-unit community in Circle Moody, Ala., was among six properties totaling 1,494 units the firm acquired in January from three sellers. The amount paid was not disclosed but Carter received a $318.5 million loan from JP Morgan Chase for all six properties that were located in Maryland, Virginia and Alabama. In August, the company refinanced the garden-style portfolio for a total of $302 million –$262 million in seven-year, floating-rate loans through Freddie Mac Multifamily and $40 million in equity.

In 2020, Carter Multifamily acquired Summerchase at Riverchase, a 240-unit community in Hoover, Ala., for $26.7 million.