Carter Multifamily has acquired a $121 million multifamily four-property portfolio located in the Mobile, Ala., market.
The portfolio comprises four properties — Arbor Gates, 184 units; The Gates at Jubilee, 248 units; Lenox Gates, 228 units; and Regency Gates, 216 units.
Overall occupancies at acquisition ranged from 92 percent to 96 percent and the properties were built between 1992 and 1999. These communities offer quality amenities and convenient access to local employment options, dining, shopping, and recreation. The properties are located in Mobile's Baldwin County, a robust rental market with exceptional rent growth. Average annual rent growth in Baldwin County from 2012 to 2021 was 3.7 percent, which is higher than the national annual rate of 3.1 percent. Quarterly occupancy rates in Baldwin County have remained stable at around 95 percent since 2011.
According to Ray Hutchinson, CIO of Carter Multifamily, “Each of these properties are in high-growt
