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Residential
South Florida

Tampa firm buys 47-year-old rental complex in Jacksonville for about $12M

Carter Multifamily Growth & Income Fund, LLC, paid about $71,400 per unit for the 168-unit property, which had a 98% occupancy rate at closing

Peppertree Lane Apartments in Jacksonville (Credit: Apartments.com)
Peppertree Lane Apartments in Jacksonville (Credit: Apartments.com)

A Tampa-based company bought a 47-year-old apartment property in Jacksonville for about $12 million.

Carter Multifamily Growth & Income Fund, LLC, paid about $71,400 per unit for the 168-unit Peppertree Lane Apartments.

The 18-building apartment complex three miles south of downtown Jacksonville had a 98 percent occupancy rate at the time of the acquisition.

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Carter Multifamily plans to upgrade the property’s amenities, interiors and exteriors. Many of the tenants of Peppertree Lane Apartments work for nearby employers in the medical and educational industries.

“We are confident the market’s strong fundamentals will continue to drive property values favorably,” Cindy Pfeifer, chief executive officer of Carter Multifamily, said in a prepared statement.

Built in 1971, Peppertree Lane Apartments is the first property acquisition by Carter Multifamily, which plans to acquire more Class B and Class C rental properties and re-position them by renovating them. – Mike Seemuth