JACKSONVILLE, FL – Carter Funds, a fully-integrated real estate investment firm, announced the sale of two garden-style multifamily properties, The Oaks on Monument located at 401 Monument Rd., and Laurel Pointe located at 3000 Coronet Ln. in Jacksonville, Florida. The properties were owned by Carter Multifamily, a Carter Funds company, and sold on June 10, 2021, for a combined sale price of $49 million. Carter Multifamily bought the properties in late 2018 for a combined $36.2 million.
During the approximate 2.5-year hold period, Carter Funds completed substantial exterior and interior unit renovations, decreased vacancies, and increased average monthly rents on occupied units. Exterior renovations included enhancements to common areas and added outdoor amenities, including a pet park at Laurel Pointe and expanding and renovating the fitness center at The Oaks on Monument. As a result of these renovations, operational improvements, and solid market performance, Carter Funds was able to re-position and market the assets as beneficial value-add opportunities in a high-growth submarket of Jacksonville, Florida.
“The sale of these middle-market properties exemplifies our Carter Multifamily value-add investment strategy and the results we aim to achieve for our investors. During our ownership of these two properties, Jacksonville has ranked in the top five for rent growth amongst markets with over 1 million residents. This strong multifamily market paired with a successful rollout of a strategic value-add program and a high demand for affordable housing in the Southeast allowed us the advantage to time the exits appropriately and sell at a desirable return,” said Ray Hutchinson, chief investment officer of CMF.

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BLUFFTON, SC – CREC Real Estate announced it has partnered with Rincon Capital Partners to buy NEXTLoft Apartments, a 148-unit, Class B+ multifamily community located in Bluffton, SC. Terms of the transaction were not told.
Located at 1376 Fording Island Road (or US 278, the thoroughfare that provides access to Hilton Head Island) in Bluffton, South Carolina, the three-tale, two-building complex is 20 miles north of Savannah, Georgia and part of the Hilton Head/Bluffton/Beaufort metropolitan area. The surrounding area has experienced more than 50% population growth over the past 20 years, driven largely by an influx of retirees, making housing demand for the service industry workers who staff the area’s resorts, shops, and restaurants.
“NEXTLoft is an attractive property with strong fundamentals,” said Jeff Coopersmith, founder and Managing Partner of CREC. “The Hilton Head area is an active regional tourist attraction and retirement destination with positive growth trends for both permanent residents and the service jobs that accompany such growth. We believe the Bluffton submarket and the broader area will benefit from continued demand for rental housing for the foreseeable future.”
Originally built in 2000 as an extended stay hotel, NEXTLoft underwent substantial renovation in 2019 and was converted to a boutique apartment community. The studio and one-bedroom units feature nine-foot ceilings with crown molding, wood cabinets, stainless steel appliances, and updated bathroom vanities. The community, which has a 98% occupancy rate, boasts a clubhouse, swimming pool, dog park, and state-of-the-art fitness center. CREC and Rincon intend to make roof, HVAC, and asphalt upgrades and will add outdoor amenities and security features, including a central outdoor kitchen/grill area, a locker for package deliveries, and a community-wide keyless FOB entry system to enhance residents’ safety. The building has simple access to outlet shopping centers, huge box retail and grocery, a public golf course, and the eateries, boutique shops, and offices of downtown Bluffton.
With more than $1 billion of real estate assets under management, CREC specializes in multifamily real estate investments in secondary and tertiary markets throughout the United States. Rincon, based in Phoenix, is a vertically integrated, full service real estate and property management firm. CREC and Rincon have collaborated on three prior joint ventures, two located in Tucson and the other in Phoenix.

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BONITA SPRINGS, FL – ECI Group announces the acquisition of Mosaic at Oak Creek Apartments, a 273-unit community with 7,354 square feet of retail in Bonita Springs, FL. The development was completed in 2020 by Mosaic Development. Financing for ECI was provided by CrossHarbor Capital Partners and arranged by Purvesh Gosalia, Vice Chairman of Newmark in Houston, TX.
“This property is a wonderful addition to ECI’s portfolio and reflects our confidence in the strong growth inherent in the I-75 corridor and the Bonita Springs/Naples area specifically,” said ECI Chief Acquisitions Officer, Scott Levitt. “ECI has been in the Florida market for 20 years and, with our self-managed approach, we look forward to rebranding this asset and completing the lease-up.” The apartments at Mosaic at Oak Creek are 85% leased. ECI will be retaining a retail brokerage firm to help with marketing of the retail space.
“It’s always a pleasure working with the impressive team at ECI Group,” said Newmark Vice Chairman, Purvesh Gosalia. “We have a decade-plus long-standing relationship. This acquisition will be a fantastic addition to ECI Group’s Southwest Florida portfolio.”
Mosaic at Oak Creek Apartments is a highly walkable, gated community, providing residents with pedestrian access to downtown Bonita Springs. Bonita Beach is a small drive from the property and residents have quick access to US-41 (Tamiami Trail) and I-75. Community amenities include: On-Site Kayak Launch to Oak Creek leading to the Imperial River, Clubhouse with Game Tables, Wi-Fi Lounge, and Co-work Space, Pet Friendly with Bark Park & Grooming Spa, and Heated Resort- Style Swimming Pool with Sundeck.

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