Four Multifamily Locations Acquired In Mobile, Baldwin Counties

MOBILE, BALDWIN COUNTY, Ala. — Carter Multifamily has invested $121 million in acquiring four multifamily locations in Mobile and Baldwin counties, Business Alabama reports. The portfolio comprises Arbor Gates, with 184 units; The Gates at Jubilee, with 248 units; Lenox Gates, with 228 units; and Regency Gates, with 216 units. Overall occupancies at the acquisitions range 92-96%, and the properties were built between 1992 and 1999. According to Carter Multifamily, Baldwin County has had average annual rent growth from 2012 to 2021 at 3.7%, higher than the national average of 3.1%. With the acquisition, Carter Multifamily, based in Tampa, now has 2,897 units in Alabama.