Skyway Capital Markets served as Managing Dealer for the Tampa, FL-based Carter Multifamily Growth & Income Fund I, raising $180.0 million.
The Fund focusses on acquiring existing conventional Class B and Class C multifamily properties located in the Southeastern United States, primarily constructed prior to 2005 that offer value-add opportunities.
Value-add investments generally consist of properties that provide an opportunity for the improvement of the physical asset, occupancy, financial, operational or management characteristics of the property in order to increase cash flow and value, with a high proportion of the total return attributable to appreciation in value. These investments generally have a higher risk and return profile than properties that do not have a value-add component.
Fund I acquired 21 properties for a total consideration of $400,415,000, consisting of 4,032 apartment units. The assets are located in Georgia (Augusta, Canton, Macon, Savannah), Florida (Jacksonville, Tallahassee), North Carolina (Fayetteville, Greenville), Slidell, Louisiana and Daphne, Alabama.