RSE Capital Partners, one of the most active multifamily investors in the country, and Carter Multifamily, a large, regional owner, recently announced the closing of an eleven-asset multifamily portfolio across Georgia for $203M. The 1,966-unit portfolio includes apartment communities in Savannah, Macon, Augusta, and Atlanta. The partners believe that the portfolio is well positioned to take advantage of the strong demographics and labor growth that is occurring throughout the Southeast, sustaining demand for a limited supply of quality workforce housing.
The Georgia Portfolio acquisition marks the first joint venture between RSE and Carter, and increases RSE’s portfolio to over 20,000 units. Melissa Marcolini-Quinn and Lee Weaver of NorthMarq’s Orlando and Tampa offices arranged the JV partnership and secured the senior financing.
“Our team is excited to be partnering with RSE as we further embed our footprint across the Southeast in markets with robust demand for value-oriented housing,” said Cindy Pfeifer, CEO of Carter Multifamily. “The RSE team worked diligently to close and we look forward to potentially pursuing other investments together in the near future.”
RSE and Carter plan to reposition several of the assets through the implementation of a capital improvement plan featuring upgrades to unit interiors and common areas, including the pool, clubhouse and recreational areas. In addition to the renovation work, Carter plans to bring property management functions in-house. Carter currently owns and manages 4,200 units throughout the Southeast and Sunbelt.
The Southeast continues to be one of the top regions in the U.S. for job growth and quality-of life. The region has experienced a spur of economic development in recent years as new employers flock to growth markets in the region, attracted by a talented workforce and some of the most dynamic business climates in the country. The influx of new jobs and has led to increased demand for quality housing, outpacing supply. RSE is focused on investment opportunities in well-positioned multifamily assets in these growth markets, supported by robust demographics, job growth and solid market fundamentals.
For more information, please contact Max Kirschenbaum at origination@rsecap.com.
About RSE Capital Partners: RSE is a principal investor that provides flexible capital solutions for the top real estate sponsors. RSE is currently invested in over $4 billion of institutional multifamily assets including over 20,000 units across 25 states. For more information, please visit: rsecap.com.
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. For more information, please visit: cartermultifamily.com.
