Carter Exchange Fund Management Company, LLC (“Carter Exchange”) a real estate company focused on tax-advantaged investment strategies, today announced the sale of Station at Poplar Tent (the “Property”), a garden-style apartment community located at 50 Poplar Station Circle NW, Concord, North Carolina 28027.
Carter Exchange, a company of Carter Funds, LLC (“Carter Funds”) sold the Property on April 20, 2023, for $74.7 million which resulted in a 19.70% average annual return to investors.
During the approximately 2.7-year hold period, Carter Exchange completed interior unit enhancements, maintained an average 94.9% occupancy, and increased average monthly rents on occupied units by 25.2%.
To further enhance the value of the Property, Carter Exchange offered residents unit upgrades including smart home packages and upgraded flooring, and installed parcel lockers in the clubhouse to add to the existing amenity package. These property value enhancement initiatives resulted in a 29.0% return on invested capital and an 11.3% average rent increase since acquisition. As a result of these renovations and operational improvements, Carter Funds was able to re-position and market the asset as a beneficial opportunity in the submarket of Concord, North Carolina.
“The sale of Station at Poplar Tent demonstrates the success of our investment strategy and the positive results Carter Exchange aims to achieve for its investors. Concord, North Carolina is a multifamily market that was ranked as one of the fastest-growing cities nationally in 2022 by SmartAsset. These favorable market dynamics paired with the implementation of a skilled execution team resulted in a disposition transaction we are enthusiastic about for our investors,” said Dallas Whitaker, chief executive officer of Carter Exchange.
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