Carter Funds, a fully integrated real estate investment and fund management firm, has sold 16 garden-style multifamily properties located throughout the southeastern United States for $394 million.
The properties were owned by Carter Multifamily, a Carter Funds company, which purchased the assets in 2019 for $274 million.
During the approximate two-year average hold period of the properties, Carter Funds completed exterior and interior unit renovations, decreased vacancies, and increased average monthly rents on occupied units. Exterior renovations included enhancements to community amenities, including the addition of sport courts and gaming areas, updated pool decks, new seating areas, and outdoor kitchens. Interior renovations included installing gourmet kitchen finishes, new flooring, bathroom remodels, and upgraded appliances and lighting.
