Carter Multifamily Acquires in Georgia
The firm purchased the 200-unit property for $35 million.
Carter Multifamily has acquired a 200-unit multifamily community in Byron, Ga. The asset, Brighton Park, was purchased for $34.5 million. According to Yardi Matrix data, the company bought the property from NorthRock Cos.
Situated at 9000 Watson Blvd., the community is 94 percent occupied, in accordance with the same data. With a total of some 222,392 square feet of rentable space, unit sizes range from 800 square feet to 1,332 square feet.
Completed in 2001, Brighton Park has one-, two- and three-bedroom homes. The community features a pool, fitness center, playground, clubhouse, business center, movie theater, garden and laundry facilities.
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Residents are in proximity to interstates 75 and 16, providing access to the larger Middle Georgia region. Employers nearby include Perdue Farms, Frito Lay, Northrop Grumman and other manufacturing and logistics companies. Six universities are within 50 miles of Brighton Park, including Mercer University and Georgia Military Institute.
Carter Multifamily already has a footprint in Georgia, including properties in Grovetown, Augusta, Macon and Canton. In prepared remarks Ray Hutchinson, chief investment officer of Carter Multifamily, said the company is looking forward to expanding its presence in the Byron/Middle Georgia market.
Outside of Georgia, the firm continues to grow its portfolio, recently acquiring a 252-unit property in Mobile, Ala. The Astoria Apartments were similarly built in 2001 and are situated in Alabama’s second-largest metro area.