Tampa real estate firm building a portfolio of value-add multifamily makes second acquisition
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Aug 23, 2018

A Tampa real estate company that's focused on growing a portfolio of value-add multifamily properties has acquired a North Carolina community.

Carter Multifamily paid $14.8 million for the 171-unit Signature Place Apartments in Greenville, North Carolina. The purchase price breaks down to $86,549 per apartment.

It is the second acquisition Carter has made since June, when it closed on Peppertree Lane Apartments, a 168-unit complex in Jacksonville.

Carter describes both properties as value-add plays, in which it will upgrade and renovate the properties in order to raise rents. At Peppertree Lane, the improvements will lead to "improved, yet affordable, workforce housing," Carter Multifamily CEO Cindy Pfeifer said in a statement.

Signature Place was built in 1980 and has a mix of townhouse and garden-style units. Peppertree Lane Apartments was built in 1971 and is 3 miles south of downtown Jacksonville.

"Signature Place is a true middle market America apartment community that offers residents quality, affordable housing that feels less like an apartment complex and more like a neighborhood," Pfeifer said in a statement. "Carter Multifamily plans to enhance and update the on-site amenities and living spaces to provide a more desirable community for the residents while also enhancing overall property value."