January 16, 2020
Carter Multifamily (CMF) has sold Peppertree Lane, a 168-unit multifamily property in Jacksonville for $16.2 million. The buyer was undisclosed.
Carter acquired the community in 2018 for $12 million and embarked on a series of renovations and upgrades including exterior renovations, enhancements to common areas and the addition of outdoor amenities. Additionally, Carter renovated 48% of the units at the property. Peppertree Lane is located at 2800 S. University Blvd. and was built in 1971.
“The disposition of Peppertree Lane exemplifies CMF’s ability to execute on its value-add investment strategy to acquire Class B/C multifamily assets in high-growth markets with strong demand for workforce housing, and sell the improved assets at an accretive return,” said Ray Hutchinson, CIO at Carter.
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