Carter Multifamily Expands Florida Presence with Second Acquisition in Jacksonville, FL
Laurel Pointe is a 160-unit workforce apartment community located near downtown Jacksonville and the area’s diverse range of employment, dining, and cultural options.
JACKSONVILLE, Fla., Dec. 5, 2018 — Carter Multifamily today announced the acquisition of the 160-unit Laurel Pointe Apartments (“Laurel Pointe“) for approximately $13 million. Laurel Pointe is located at 3000 Coronet Lane in Jacksonville, Florida.
Built in 1970, Laurel Pointe offers affordably priced 1-, 2-, and 3-bedroom apartment units ranging from 835 to 1200 square feet of space. Located three miles southeast of downtown Jacksonville, Laurel Pointe offers convenient access to ALT 1, a major arterial highway in the region providing convenient access to the area’s largest employers, including Baptist Health, Mayo Clinic, Bank of America, and UF Health Hospital. JAXPORT, the Jacksonville Port Authority, generates more than 24,000 port-related jobs and is located seven miles from Laurel Pointe.
“We are pleased to expand our footprint in the Jacksonville market with the acquisition of Laurel Pointe. The property benefits from its close proximity to the downtown area, central business district, and is located less than one mile from another Carter Multifamily property, Peppertree Lane. This allows the two properties to share resources, create operational efficiencies, and enhance on-site management, which residents should benefit from,” said Cindy Pfeifer, chief executive officer of Carter Multifamily.
Carter Multifamily intends to reposition Laurel Pointe to be a best-in-class apartment community to serve the area’s large concentration of medical, retail, technology and marine science professionals. Renovations will include updates to apartment home interiors and common areas, including the pool, playground and recreational areas. There are also plans to add a fenced-in dog park, athletic field, internet café, and added outdoor gathering areas.
About Carter Multifamily
Carter Multifamily is a group of companies focused on multifamily real estate that offers value-add enhancement opportunities. Carter Multifamily’s leadership team has significant experience in the multifamily real estate sector and leverages key industry relationships to focus on GROWTH and INCOME opportunities.