Carter Multifamily Completes $41.8 Million Acquisition in Tallahassee, Florida

TALLAHASSEE, Fla., Jan. 21, 2019 /PRNewswire/ -- Carter Multifamily today announced its acquisition of the 440-unit Polos on Park for approximately $41.8 million. As a result of Carter Multifamily's strategy to transform the property through a series of renovations and upgrades, the community will be rebranded as 2626 Park.

2626 Park was built in 1999 and is located at 2626 E. Park Ave. in Tallahassee, Florida. Located minutes from Downtown Tallahassee, 2626 Park provides convenient access to major employment, retail, and entertainment centers via Apalachee Parkway, Capitol Circle, Tennessee Street, and I-10.

The property comprises twenty-one, 2- and 3-story residential buildings as well as a leasing office, amenities building, and 9 garage structures. 2626 Park offers affordably priced 1-, 2-, and 3-bedroom apartment units ranging from 745 to 1196 square feet of space in a picturesque, wooded community setting.

"We believe 2626 Park is in a perfect location to serve Tallahassee's vibrant, dynamic workforce and student population. Both Capitol Hill and Tallahassee Memorial Hospital are just a 5-minute drive from the property and the city's largest universities are just a 12-minute drive," said Cindy Pfeifer, chief executive officer of Carter Multifamily.

Carter Multifamily intends to reposition 2626 Park to be a best-in-class apartment community to serve the area's large concentration of government, education and health services professionals. Renovations are expected to include updates to apartment home interiors and common areas, including the pool, clubhouse, and recreational areas. There are also plans to add a fenced-in pet park and dog spa, on-demand fitness center, internet café, and added outdoor gathering areas.

About Carter Multifamily
Carter Multifamily is a group of companies focused on multifamily real estate that offer 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.

Media Contact:
Stacy Sheedy
Director of Marketing, Carter Multifamily
ssheedy@carterfunds.com
813-358-5982

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SOURCE Carter Multifamily