Carter Multifamily Buys $84M Georgia Portfolio
- Jun 20, 2019
Carter Multifamily has closed on a six-property portfolio in the Savannah, Ga., metropolitan area for $84.3 million. The company picked up the residential communities, which together comprise a total of 810 units, from seller Kole Management.
The six multifamily properties were built between 1968 and 1989 and are all Class B or Class C communities, Yardi Matrix data shows. Alhambra, a 144-unit community in the Victory Heights neighborhood, offers a mix of one-, two- and three-bedroom garden and townhome-style apartments. The community will be rebranded as Ascend Midtown.
READ ALSO: Carter Multifamily Acquires GA Community
Azure Cove, Kessler Point and The Arbors communities are situated adjacent to each other in northeast Savannah, in the Garden City area. All three properties offer a mix of one-, two- and three-bedroom units. The Carriage House and Ridgewood communities are located 2 miles from each other in the Abercorn Street retail corridor area. Both properties consist of 144 units each and offer a mix of one-, two- and three-bedroom apartments.
Carter plans to renovate and upgrade the communities, including apartment interior improvements and common area upgrades including the swimming pool, clubhouse and recreational areas.