AUGUSTA, GA – Carter Funds, a fully-integrated real estate investment firm, announced the sale of a garden-style multifamily property, Ten35 Alexander located at 1035 Alexander Dr. in Augusta, Georgia. The 200-unit apartment community built in 2001 was bought by Carter Multifamily, a Carter Funds company, on July 19, 2019, for $21.6 million and sold on August 30, 2021, for $36 million.
During the approximate two-year hold period, Carter Funds completed substantial exterior and interior unit renovations, decreased unit vacancies, and increased average monthly rents on occupied units. Exterior renovations included enhancements to common areas and added outdoor amenities, including a pet park, recreational area, and upgrades to the pool deck. As a result of these renovations, operational improvements, and solid market performance, Carter Funds was able to re-position the asset as a beneficial value-add opportunity in a high-growth submarket of Georgia.
“Augusta is a highly desirable multifamily market supported by strong rental demand, growing household formations, and stable apartment occupancy that has hovered in the mid-90s since 2014. These solid market fundamentals paired with Ten 35 Alexander’s attractive curb appeal with desirable amenities and strong value-add performance led to a successful sale and the results we aim to achieve for our investors,” said Ray Hutchinson, chief investment officer of Carter Funds.

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ATLANTA, GA – FCP has announced its acquisition of three Atlanta-area apartment communities within the past three weeks, marking the company’s fourth, fifth and sixth Atlanta apartment investments in 2021. The firm invested $116 million in Springdale Glen, Sierra Forest and Hawthorne at Sugarloaf (to be rebranded The Asher) apartment communities in Clarkston, Mableton, and Lawrenceville, GA, respectively. FCP has invested in 24 assets and the multifamily portfolio in the market now stands at 4,200 units.
“Two of these investments, Springdale Glen and Sierra Forest, are workforce housing communities, well-located in their respective submarkets and strategically positioned near FCP assets that have seen strong performance,” said FCP’s Michael Errichetti. Errichetti continued, “Springdale Glen is adjacent to our Mirador at Idlewood property, close to major employment centers in a rapidly rising submarket, while Sierra Forest builds on our West Atlanta presence that now includes 2,137 units across 10 properties.”
“FCP is excited to make our first investment in Gwinnett County, which has led the region in population growth over the last decade,” said FCP’s Scott Reibstein. “The Asher presents an opportunity to showcase FCP’s ability to do on multiple multifamily strategies. FCP is aggressively working to expand our portfolio in Atlanta by deploying our discretionary fund into acquisitions and developments in key submarkets.”
Springdale Glen features 276 one, two and three-bedroom garden apartment units at 3800 Brockett Trail in Clarkston. The community is located near the I-285 Perimeter and Route 78, within simple reach of employment centers including Perimeter Center, North Druid Hills/Emory University, Decatur, Chamblee, Buckhead, Midtown and Downtown. Springdale Glen is well-amenitized with a pool, playground, and dog park.
Sierra Forest is located at 6660 Mableton Parkway, SE in Mableton and includes 272 one, two and three-bedroom apartments just off of I-20 in West Atlanta, proximate to the Fulton Industrial Corridor as well as Midtown, West Midtown and Downtown.
Hawthorne at Sugarloaf, built in 2007, is located at 4975 Sugarloaf Parkway in Lawrenceville and will be renamed The Asher. The community has 260 one, two and three-bedroom apartments and onsite amenities including a 24-hour fitness center, outdoor kitchen with grilling area, bark park with agility equipment, pet spa and resort-style saltwater pool. The community is adjacent to a Publix-anchored shopping center and is close to Gwinnett County’s top employment centers.
Cushman & Wakefield has been retained to manage all three properties.

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LAKELAND, FL – Venterra Realty bought The Retreat at Lakeland Apartments in Lakeland, Florida. The Retreat at Lakeland is well positioned on the I-4 corridor in Lakeland, located midway between Tampa and Orlando and is one of the fastest growing areas in the country.
The property is a garden-style community, built in 1988 and renovated recently, with 464 fully renovated apartments and a solid amenity package.
The community offers spacious one, two, and three bedroom apartments. The Retreat at Lakeland’s apartment interiors have been upgraded with high-end features including stainless steel appliances, granite countertops, wood vinyl flooring, and screened-in patios. The property’s amenity package includes a playground, two swimming pools, Pickleball and Tennis courts, Fitness Center, and more.
“The Retreat at Lakeland’s position between the metropolitan areas of Tampa and Orlando complements our presence in those markets. We are confident that managed in the Venterra Way, the property will be a valuable investment and will provide a fantastic living experience to our residents,” said Venterra Realty Chairman Andrew Stewart.
Venterra will implement its resident-focused programs such as the Live it. Like it. Guarantee.TM, the 48-Hour Maintenance Guarantee, SMARTLEASING, as well as their overall commitment to providing a world-class living experience for which Venterra has become known.
“We are excited to build upon our large established presence in the Sunshine State and provide an industry-leading living experience to the residents of Lakeland,” said John Foresi, CEO of Venterra Realty.

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