JACKSONVILLE, FL – Tampa, Florida-based Carter Multifamily Growth & Income Fund announced that it bought Peppertree Lane Apartments, a 168-unit community located in Jacksonville, Florida. The acquisition marks the first for Carter Multifamily, which focuses on acquiring value-add Class B and C multifamily assets located throughout the United States.

Constructed in 1971, Peppertree Lane is comprised of 18 buildings and was 98% occupied at the time of the acquisition. Located just three miles south of the Jacksonville Central Business District, the community provides workforce housing for the area’s surrounding medical, educational and business employers.

Carter Multifamily bought Peppertree Lane for approximately $12 million, or $71,429 per unit, and Carter Multifamily intends to do a substantive value-add strategy to reposition Peppertree Lane as a “best in class” work-force housing community by enhancing the amenity package, completing interior and exterior upgrades, and by implementing property management best practices.

“Peppertree Lane is representative of the type of asset that will benefit from the execution of our value-enhancement program, which will substantially improve and update the overall community while also providing improved, yet affordable, workforce housing that is in such high demand by middle market Americans today,” said Cindy Pfeifer, CEO of Carter Multifamily. “Adding to its appeal, the community has a 98% occupancy rate, providing stable cash flows and an opportunity to make additional value through the value-enhancement implementation. We are confident that the market’s strong fundamentals will continue to drive property values favorably.”

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MARIETTA, GA – StoneBridge Investments of Washington, DC has bought Avia East Cobb, a 200-unit apartment community located in the affluent Atlanta suburb of Marietta, GA for $23.5 million. The seller, an entity controlled by Harbor Group International, was represented by Kevin Geiger of CBRE in an off-market transaction. The new ownership plans to spend approximately $3.2 million on a repositioning strategy to include renovation of common areas, amenities, and unit interiors. The property will be rebranded with the name Landry at East Cobb Apartments.

With large one-, two-. and three-bedroom apartment homes and close proximity to some of the metro area’s best public schools, Avia East Cobb fills a need for affordable, family-friendly housing in an increasingly expensive area. Anchored by the new $672 million Sun Trust Park, home of the Atlanta Braves, the area has become a catalyst for economic growth with thousands of new jobs. East Cobb has recently attracted a number of key employers including Comcast, Vonage, Genuine Parts, Synovus, and Home Depot’s new Tech Center.

“We are excited about our latest acquisition, our third in Atlanta in the past year,” said William Bateman, Director, StoneBridge Investments. “We feel there is a compelling growth tale in our immediate submarket, and through strategic value-add renovations and attentive management, we expect to achieve rent growth while maintaining the property as a relatively affordable option compared with newer product.”

With immediate access to I-75 and the new I-75/I-285 interchange, Avia East Cobb residents can quickly and easily reach downtown, midtown, and other suburban office markets. Atlanta’s Hartsfield Jackson International Airport, the world’s busiest, is just 20 minutes away via I-285.

Residents also delight in quick connection to the 1.2 million square foot Cumberland Mall, less than five miles away, with 150 stores including by Macy’s, Sears, Costco, and an Apple Store. Across Cobb Parkway from the mall is the Cobb Galleria convention center and the $140 million Cobb Energy Centre for the Performing Arts that includes a 2,750 SF theater hosting Broadway shows, the Atlanta Opera, and the Atlanta Ballet.

“With its strong employment growth, brilliant quality of life, and relatively low cost of living, we remain bullish on the dynamic Atlanta market,” said Kees Bruggen, Managing Director, StoneBridge Investments.  “Our location on the I-75 corridor puts us directly in the path of growth, and in close proximity to fantastic schools, high-end demographics, world-class cultural amenities, and major employment centers.”

Originally built in 1973, the community features a resort-style swimming pool, expansive deck with modern stainless steel outdoor grills, and a renovated clubhouse in a historic stone mill. The new ownership plans to enhance the pool area, repurpose under-utilized parts of the clubhouse, relocate and improve the community dog park, and convert the existing dog park area to an artificial grass sport court. Exterior upgrades will include paint and façade modernization.

Stonebridge also will renovate apartment interiors with new or refaced cabinetry, new countertops and flooring, ensuite laundry in every home, plumbing and lighting replacements, and fresh two-inch woodgrain window blinds.

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DALLAS, TX – Transcontinental Realty Investors and Abode Properties in association with a local developer recently broke ground on Tower Bay Lofts in Lewisville, Texas.

Tower Bay Lofts is a four-tale, 308 unit midrise apartment development with brick veneer/stone ashlar, wood frame, flat, built-up roof on concrete slab foundation.

Property amenities will include, resort style pools, parking garage with observation deck overlooking Lake Lewisville, fitness center with spin room and rooftop deck lounge, onsite dog park and salon, bocce ball court, storage units, bike rentals and fire pits. The clubhouse will have a Wi-Fi café with coffee bar, club lounge with bar and TV area, outdoor lounge with TV wall, public restrooms and a covered patio.

At Tower Bay Lofts each unit will offer granite counter tops, energy-star stainless steel appliances, high ceilings, faux wood vinyl flooring, washer/dryer hook ups, private patios/balconies, vinyl wood plank, ceramic tile and carpet.

The unit mix for the Tower Bay project is proposed to have Efficiency units at 575 square feet, 1 bedrooms ranging from 679-840 square feet, 2 bedrooms ranging from 1036-1292 square feet and 2 bedroom penthouse lofts at 1604 square feet.

“Tower Bay is located in the middle of the primary growth path of the area. It is anticipated that the Lewisville market will continue to be in the forefront of future growth of the greater Dallas area,” commented Daniel J. Moos, TCI’s President and CEO. “With access to fantastic schools and an simple commute to both Dallas and Ft. Worth, Tower Bay Lofts is in prime a location”.

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