MACON, GA – Carter Multifamily announced its acquisition of five apartment communities located in Augusta, GA, Canton, GA, and Macon, GA. The properties, consisting of 1,156 total units, sold for a combined buy price of approximately $118.2 million. This joint venture transaction was capitalized in partnership with RSE Capital Partners, advised by NorthMarq Capital, LLC, and facilitated by the assumption of five Fannie Mae loans. 

TEN35 ALEXANDER – Augusta, GA: TEN35 Alexander is situated in the increasingly desirable west Augusta neighborhood, just east of Interstate 20 and Washington Road. Built in 2001, TEN35 Alexander offers 200 modern and spacious apartment homes averaging 1,118 square feet. This community is just minutes from Augusta’s premier retail and dining options, including the upscale Surrey Center. 

HERITAGE AT RIVERSTONE – Canton, GA: The 240-unit Heritage at Riverstone apartment community is strategically positioned in the heart of Canton’s retail hub and near top-tier schools, restaurants, and recreational facilities. Built in 2001, Heritage at Riverstone boasts a solid foundation of stacked stoned and hard-plank siding exteriors, an attractive exterior design, and spacious floor plans averaging 1,067 square feet.

FALLS AT SPRING CREEK – Macon, GA: Situated in desirable northwest Macon in the River Crossing district, the 296-unit Falls at Spring Creek is in a highly sought-after location near diverse retail hubs. According to Cushman Wakefield, Macon is a booming multifamily market boasting year-over-year average effective rent growth and decreasing vacancy hovering around 4%. 

LEGACY AT RIVER CROSSING – Macon, GA: Legacy at River Crossing’s entrance is across the street from The Shoppes at River Crossing, a new well loved shopping and dining area in north Macon, GA. Built in 1986, the 200-unit Legacy at River Crossing shares its northern property line with Falls at Spring Creek allowing for multiple economies of scale and operational efficiencies due to the two assets sharing similar vintage and location.

RIVERSTONE – Macon, GA: Also located in Macon, less than a mile from Legacy at River Crossing, the 220-unit Riverstone is a fully gated community built in 2012, with a perfectly landscaped saltwater pool and best-in-class amenities.  Strategically located less than a quarter mile off of I-75, Riverstone benefits from simple access to the city’s largest and most diverse retail corridors. 

“We are pleased to buy the five high-quality apartment communities that make up the Georgia Portfolio. The underlying economic characteristics of the Augusta, Canton and Macon submarkets make the properties’ locations ideal for our Middle Market America strategy. We are looking forward to delivering a compelling value add program at each of the properties, furthering their attractiveness and amenity packages for the growing population of renters in these highly-desirable areas,” said Cindy Pfeifer, chief executive officer of Carter Multifamily. 

Carter Multifamily intends to reposition the properties to be best-in-class apartment communities to serve the areas’ large concentration of retail, hospitality, education and health services professionals. Renovations are expected to include updates to apartment home interiors and common areas, including the pool, clubhouse, and recreational areas.

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CHANDLER, AZ – Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Alta San Marcos, a 273-unit apartment complex in Chandler, Arizona. The property sold for $71.75 million, or $262,821 per unit. The community will be renamed Summit at San Marcos.

“This asset is one of just three multifamily communities in Chandler with frontage along the San Marcos Golf Course,” said Steve Gebing, IPA senior managing director. “Winner of the 2019 Real Estate Development Award for ‘Best Multifamily Project’ in Arizona, the property’s exceptional location and East Coast brownstone-inspired architecture make it an unparalleled investment.”

Gebing and Cliff David, IPA senior managing director, represented the seller, Wood Partners, and procured the buyer, LaSalle Investment Management’s NAV-REIT, JLL Income Property Trust. “Over the past five years, absorption has outpaced completions in both the Chandler and Gilbert submarkets,” added David. “Apartment supply in these areas has grown by at least 25 percent over that time and vacancy rates have fallen by more than 50 basis points.”

Alta San Marcos is just west of the intersection of Arizona Avenue and Chandler Boulevard and within walking distance of Downtown Chandler. The high-end Chandler Fashion Center is part of the 18.8 million square feet of upscale retail and dining within a five-mile radius and there are more than 8,200 businesses within a 10-mile radius of the community. Employment regions, including the Chandler Airpark, Price, Uptown Chandler, West Chandler and Northwest Gilbert corridors are easily accessible. 

Completed in 2018, Alta San Marcos’s high-end community amenities include a clubhouse and leasing office with a 13-foot theater-style television, plush seating, a demonstration kitchen, and a fitness center. Apartments have nine-foot or higher ceilings and the average unit size is 940 square feet.

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MAITLAND, FL – The Praedium Group, a New York based national real estate investment firm, announced the acquisition of The Adeline in Maitland, FL. Chris Hughes, Principal of The Praedium Group, made the announcement of the investment firm’s most recent acquisition.

Constructed in 2018, The Adeline consists of three, 3-tale residential buildings with a mix of one-, two-, and three- bedroom homes ranging from 694 SF to 1,475 SF. Unit interiors feature luxe baths with quartz or granite vanity tops, LED lighting, and contemporary open kitchens. Community amenities include a social clubroom with an expansive bar, on-demand fitness, and WiFi at pool, clubroom, and fitness center. In addition, The Adeline offers tenants a unique lakefront-living opportunity, with dock-access, outdoor gathering areas, grilling stations, fire pits, and a community walking path along Lake Gem.

“The Adeline sits in an attractive and accessible location to Orlando’s rapid job growth – situated centrally between many of the major Orlando employment centers, surrounded by over 37 million SF of office in all directions, with 19 million SF within just a 5-minute drive of the property,” said Mr. Hughes. 

Orlando has consistently ranked No. 1 in job growth across the nation since 2015, continuing that trend for a fourth consecutive year in 2018, with a 3.3% annual increase. The Property sits right between the Lake Mary office market and Downtown Orlando, within a 15-minute drive, and home to 22,500 jobs and 150,000 jobs, respectively. Major corporate expansions and relocations include ADP, EA Sports, and Orlando Health Lake Mary, which support the growth in employment in the area.

The Property is in the south Maitland submarket, on the border of Winter Park, an area with strong demographics. These are two of central Florida’s more affluent areas, with average household incomes of $103,000 and $118,000, respectively. Due to the desired lifestyle offered, and the proximity to high-end retail and major employment drivers, the Maitland/Winter Park is expected to continue to attract demand.

“As residents are getting priced out of the desirable Winter Park area, the Maitland area is seeing an influx of demand. As one of the only garden-style apartments built this cycle, The Adeline is able to offer a similar resident experience at a more affordable price point than the higher density, mid-rise properties in the submarket,” commented Lindsay Schuckman, Vice President of The Praedium Group.

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