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MOBILE, ALA. — Carter Multifamily has acquired a four-property apartment portfolio in Mobile for $121 million. The seller was not disclosed. The portfolio had a total of 876 units.
The four properties include Arbor Gates (184 units), The Gates at Jubilee (248 units), Lenox Gates (228 units) and Regency Gates (216 units). Built between 1992 and 1999, the properties had overall occupancies ranging from 92 percent to 96 percent at the time of sale.
Carter Multifamily intends to execute a value-add strategy that will feature operational improvements, including implementing institutionally based property management best practices, upgrades to community amenities and interior unit renovations.