Carter Multifamily Marks South Tampa Territory with a $57.5M Acquisition: Mode at Ballast Point Readying for Impressive Transformation
We wish to draw your attention to an exciting development in the multifamily real estate sector in Tampa, Florida. Carter Multifamily, a division of Carter Funds has purchased Mode at Ballast Point for a sum of $57.5 million. With a vision to reposition the 276-unit garden-style property, the team at Carter Multifamily is ready to implet an enticing transformation in the South Tampa area.
As it stands, Mode at Ballast Point spans a generous 218,592 net rentable square feet. Promising points of interest with this property include:
– Its strategic location right in the heart of prime retail and job hubs, and bustling business parks
– Proximity to health institutions and industry-leading employers, including the prominent MacDill Air Force Base, which notably employs over 19,000 personnel
– Just minutes away from pedestrian-friendly spaces along waterfront walking and biking paths of Bayshore Boulevard.
This acquisition is more than an asset addition; it’s a representative of elevated confidence in the South Tampa multifamily market. There’s a robust correlation between value-add real estate portfolios and thriving urban environments like Tampa, and Carter Multifamily perceives this correlation well.
The Tampa metro has even seen significant growth of 4.3% in employment year-over-year, reinforcing its dynamic economic environment. These serve as attractive incentives for the continually growing renter demographics in the area.
As part of a consistent and strategic value-add strategy, Carter’s Multifamily’s plans for Mode Ballast Point include:
– Operational improvements
– Upgrades to community amenities
– Interior unit renovations
– External building improvements
Bringing a rejuvenated multifamily asset to a city with a vibrant economy and attractive renter demographics is an exciting opportunity to both fulfill the tenant demand for high-quality affordable housing and create a safe, thriving community that contributes to the urban fold.
We hold great confidence in their strategy and eagerly look forward to being acquainted with the newly transformed, Mode at Ballast Point.