A Tampa based real estate has recently acquired four Alabama properties for over $100 million, according to a press release.
Carter Multifamily made the announcement on Monday about the $121 million multifamily portfolio that includes Arbor Gates, The Gates at Jubilee, Lenox Gates and Regency Gates. The former two are located in Fairhope, while the latter two are located in Mobile.
According to the release, the properties were built between 1992 and 1999 and were between 92% and 96% occupied at the time of acquisition.
“Each of these properties are in high-growth southern markets where we have previously acquired properties,” Ray Hutchinson, Chief Investment Officer of Carter Multifamily said in the release. “We’re excited to continue to grow our footprint in a market supported by excellent growth fundamentals, favorable renter demographics, and limited new supply.”
Carter Multifamily has acquired other Alabama properties in the past, including Summerchase at Riverchase in Hoover back in 2020.
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