Carter Multifamily Grows in Tampa

Mode at Ballast Point, previously known as Solis at Ballast Point, in Tampa, Fla. Image courtesy of Carter Funds

Carter Multifamily has expanded its Florida value-add apartment portfolio with the $57.5 million purchase of Solis at Ballast Point, a 276-unit garden-style community in Tampa, Fla.

Though the Tampa-based firm declined to disclose the seller, Yardi Matrix data revealed the previous owner to be Investors Management Group, which acquired the property, then known as Pavillions at Ballast Point, in an August 2018 off-market deal for $40 million. The property was purchased from Pavillion Management Group, the owner-operator that developed the community in 1990. In August 2020, the property became subject to a $34.5 million Citibank CMBS loan originated by Berkadia Commercial Mortgage. The variable rate loan was due to mature on Sept. 1, 2030, according to Yardi Matrix.

Carter Multifamily, a division of Carter Funds focused on acquiring and managing value-add multifamily real estate, has rebranded the property at 6306 S. MacDill Ave. as “Mode at Ballast Point”. The firm is planning capital and operational improvements, including upgrades to community amenities, interior unit renovations and exterior building upgrades.

Ray Hutchinson, Carter Multifamily’s chief investment officer, said in a prepared statement the property is situated in the South Tampa area, near major employers, entertainment and outdoor amenities. Hutchinson described Tampa as an attractive multifamily market due to its favorable renter demographics, desirable climate and growing economy.

Property details

The nearly 22-acre property spans 218,592 net rentable square feet and is located minutes away from MacDill Air Force Base, which employs more than 19,000 people. The community is also in close proximity to downtown Tampa and other major Tampa employers, as well as prime retail centers and health-care institutions. Employment in the Tampa metro grew 4.3 percent year-over-year as of May 2023, the second fastest among large metros, surpassing Florida’s 3.6 percent employment growth rate and the 2.6 percent national employment growth rate.

Mode at Ballast Point offers one- and two-bedrooms in a variety of floor plans, ranging in size from 600 to 1,000 square feet, with an average unit size of 808 square feet. Rents range from $1,653 to $1,923, at an average of $1,863, according to Yardi Matrix data. There are washers and dryers in all units, as well as vaulted ceilings, private patios or balconies and high-speed internet access.

Community amenities include a resort-style pool and spa, private lake and park, volleyball court, clubhouse and onsite pet park. The property has controlled access, an onstie rental office and 580 parking spaces, with covered parking available.  The property is minutes from a waterfront walking and biking path along Bayshore Boulevard.

Carter Multifamily deals

In January, Carter Multifamily acquired a 200-unit community in Byron, Ga., for $34.5 million. Yardi Matrix reported the seller of the property was NorthRock Cos. The community is close to interstates 75 and 16, providing access to the larger Middle Georgia region. The purchase expanded Carter Multifamily’s Georgia footprint, which includes properties in Grovetown, Augusta, Macon and Canton.

Late last year, the firm added to its Alabama holdings, with the acquisition of Astoria Apartments, a 252-unit multifamily property in Mobile, Ala.