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.
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