Carter apartment building has expanded its Alabama holdings with the acquisition of Astoria Apartments, a 252-unit condominium community in Mobile, Ala.
The seller and the price paid for the property were not disclosed by the Tampa, Florida-based firm.
The 293,892 square foot property at 7070 Grelot Road was built in 2001 and features one, two and three bedroom floor plans. Communal facilities include a saltwater pool with outdoor kitchen; resident lounge with billiards, foosball table and a coffee bar; Wellness center and a converted clubhouse.
The property is located in the Mobile Bay area which offers access to downtown Mobile’s employment drivers and high quality retail outlets. The region is Alabama’s second largest metropolitan area and a strong manufacturing center with close proximity to the Port of Mobile and excellent access to major rail, waterway and interstate transportation systems.
Ray Hutchinson, chief investment officer at Carter Multifamily, said in a prepared statement the company looks forward to continuing to expand its footprint in a market supported by high growth fundamentals, favorable tenant demographics and limited new supply. He said they believe Mobile will continue to drive demand for quality, affordable multifamily homes and Astoria Apartments will be a valuable addition to their real estate portfolio.
Carter Multifamily, a Carter Funds company focused on high-growth multifamily acquisitions with value-add opportunities, is planning community facility upgrades and indoor unit renovations. Additional value plans require operational and external improvements.
Previous offerings in Alabama
In April, Carter Multifamily acquired a portfolio of four properties in the mobile market totaling 876 units for $121 million. The company did not disclose the identity of the seller, but Yardi Matrix data listed B&M Management, a commercial real estate investment and asset management firm, as the most recent owner of at least three of the assets — Arbor Gates, Lenox Gates, and Regency Gates. The fourth acquisition under the deal was The Gates at Jubilee.
The Oaks of St. Clair, a 192-unit community in Circle Moody, Alabama, was among six properties totaling 1,494 units the Company acquired from three vendors in January. The amount paid was not disclosed, but Carter received a $318.5 million loan from JP Morgan Chase for all six properties in Maryland, Virginia and Alabama. In August, the Company refinanced the Garden-Style portfolio for a total of $302 million — $262 million in seven-year adjustable-rate debt through Freddie Mac Multifamily and $40 million in equity.
In 2020, Carter acquired Multifamily Summerchase at Riverchase, a 240-unit community in Hoover, Alabama for $26.7 million.