A private developer has sold the 288-unit Reagan Crossing in Covington, La., for $35.5 million. According to The New Orleans Advocate, the property was acquired by an entity, which per recent Carter Multifamily SEC filings, is associated with the REIT.
Located at 1016 Ronald Reagan Highway within a developing residential area, the asset is west of the area’s main commercial intersection, which includes several retail options and restaurants such as Taco Bell, Wendy’s and Waffle House. Completed in 2018, the gated community comprises one-, two- and three-bedroom apartments with floorplans ranging from 840 to 1,428 square feet. The 12 three-story buildings are spread across a 15.2-acre site and include common-area amenities such as a fitness center, dog park, around the clock maintenance and pool. JDS Real Estate and APEX Capital Realty brokered the transaction.
Recently, Carter Multifamily expanded their presence in Georgia through the acquisition of a six-property portfolio. Kole Management sold the assets for $84.3 million.