POOLER, GA – July 10, 2023 – 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 Savannah Quarters (the “Property”), a garden-style apartment community located at 100 Harley Lane, Pooler, Georgia 31322.
Carter Exchange, a company of Carter Funds, LLC (“Carter Funds”) sold the Property on May 24, 2023, for $62.5 million which resulted in a 32.30% average annual return to investors.
As of the date of the sale, the Property, located in the Savannah, Georgia MSA, was over 96% occupied. During the 2.8-year hold, Carter Exchange increased average monthly rents on occupied units by 34.9%.
Located at 100 Harley Lane in Pooler, Georgia, the Property sits on approximately 10.67 acres and consists of 244 apartment homes throughout the seven residential buildings. In addition to expansive living areas, the community features sophisticated amenities including a clubhouse with a lounge area, cyber café, fitness center with wellness studio, poolside lounging cabana with fireplace, hammock garden, and more.
To further enhance the value of the Property, Carter Exchange offered residents unit upgrades including smart home packages, upgraded flooring, and the addition of new washers/dryers. These property value enhancement initiatives resulted in a 38.0% return on invested capital and a 12.2% average rent increase since acquisition. As a result of these updates, Carter Funds was able to market the asset as a beneficial opportunity in the Savannah, Georgia market.
“The sale of Station at Savannah Quarters demonstrates the value of our acquisition strategy and management capabilities. Pooler, Georgia is a thriving market with a 34% population surge in the last decade. Nestled in the expanding Savannah metropolitan area, the location thrives on a diverse, educated workforce, and affordable living. Our expert management team’s seamless execution resulted in a successful exit for our valued investors.” says Dallas Whitaker, chief executive officer of Carter Exchange.
The transaction provided liquidity to investors, while also providing investors with the option to utilize their sales proceeds to complete a subsequent tax-deferred exchange.
Carter Exchange specializes in tax-deferred private placement investments. Currently, Carter Exchange manages a portfolio of more than $2.03 billion across several asset classes spanning 10 states.
About Carter Funds
Carter Funds is a fully integrated real estate company with $3 billion in assets under management and is built on over 300 years of real estate experience. Carter Exchange, a Carter Funds company, is a national real estate investment and management company that sponsors institutional-quality real estate exchange programs intended to qualify for tax deferral under Section 1031 of the Internal Revenue Code. Learn more: www.carterfunds.com and www.carterexchange.com