Carter Funds has sold two garden-style multifamily properties, The Oaks on Monument, located at 401 Monument Rd., and Laurel Pointe, located at 3000 Coronet Ln., in Jacksonville, Florida. The properties were owned by Carter Multifamily, a Carter Funds company, and sold on June 10, 2021, for a combined sale price of $49 million. Carter Multifamily purchased the properties in late 2018 for a combined $36.2 million.
During the approximate 2.5-year hold period, Carter Funds completed substantial exterior and interior unit renovations, decreased vacancies, and increased average monthly rents on occupied units. Exterior renovations included enhancements to common areas and added outdoor amenities, including a pet park at Laurel Pointe and an expanded and renovated fitness center at The Oaks on Monument. As a result of these renovations, operational improvements and solid market performance, Carter Funds was able to reposition and market the assets as beneficial value-add opportunit
