Carter Multifamily expands real estate portfolio with Tampa multifamily acquisition

Carter Multifamily, a division of Carter Funds focused on acquiring and managing value-add multifamily real estate, has purchased Mode at Ballast Point located at 6306 S. MacDill Ave. in Tampa, Fla., for $57.5 million. Carter Multifamily plans to reposition the 276-unit garden-style property, originally built in 1988 and formerly known as Solis at Ballast Point, under the new name Mode at Ballast Point.

On 21.51 acres and spanning 218,592 net rentable square feet, Mode at Ballast Point boasts a strategic location near prime retail and job hubs, prominent healthcare institutions, business parks and major employers in Tampa, including MacDill Air Force Base, which employs more than 19,000 personnel and is minutes away from the property.

"We are thrilled to expand our presence into Tampa — an attractive multifamily market due to its favorable renter demographics, desirable climate and growing economy. Mode at Ballast Point is situated in the highly sought-afterÂ