Carter Funds Announces Completion of Development Project in Rome, GA and Commences New Multifamily Development Near Cocoa Beach

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Jun 24, 2024, 08:00 ET

The construction of The Maxwell, a 200-unit garden-style multifamily property in Rome, GA, is now complete, currently in lease-up, and over 70% leased. Carter Funds also announces its second multifamily development project, Allegra at Cocoa, which is set to begin construction in June 2024.

ROME, Ga., June 24, 2024 /PRNewswire/ -- Carter Funds announces the completion of The Maxwell, a state-of-the-art multifamily residential community in Rome, Georgia. In partnership with the developer, Gateway Development Corporation, the project delivered 200 thoughtfully designed apartment homes ahead of schedule and within budget. ServisFirst Bank provided construction loan financing for the project.

The Maxwell offers a range of modern amenities, including a resort-style swimming pool, a fully equipped fitness center, a resident clubhouse, and beautifully landscaped outdoor communal spaces. With its prime location, residents will enjoy easy access to the Atlanta metro as well as local shopping, dining, and entertainment options.

"We are thrilled to officially open The Maxwell and witness an impressive leasing response with over 70% of the property already leased," said Ray Hutchinson, chief investment officer of Carter Funds. "This project demonstrates our commitment to creating high-quality, comfortable, and vibrant living environments in growing submarkets. The Rome, GA market was recently ranked as the sixth top metro in the U.S. for economic development and has recently attracted new projects from major companies like Tesla, Honda, and Microsoft."

Building on the success of The Maxwell, Carter Funds is pleased to announce their next multifamily construction project, Allegra at Cocoa, which is set to break ground in 2024. Located in the picturesque coastal community of Cocoa, Florida, Allegra at Cocoa will offer luxury living with easy access to the beach, Cape Canaveral, Orlando, and local attractions.

In collaboration with The Brownstone Group, the development partner on the project, Allegra at Cocoa will feature 312 apartment homes, boasting modern architectural designs and premium finishes. Residents are expected to have access to top-tier amenities, including: a premium fitness and wellness center, a resort-like pool with outdoor kitchens and grills, a pet spa, and detached garages. This project aims to blend modern living with the relaxed coastal charm of the Cocoa Beach community.

"We look forward to bringing Allegra at Cocoa to life," added Ray Hutchinson. "Our goal is to create a unique residential experience that captures the essence of coastal living while providing the highest standard of comfort and luxury at an attractive price point."

About Carter Funds
Carter Funds is a fully integrated real estate investment company built on over 300 years of real estate experience. With more than $3 billion in assets under management through its affiliated companies (Carter Multifamily, Carter Exchange, Aphorio Carter, and Allegiant-Carter Management), Carter Funds focuses on acquiring, developing, and expertly managing real estate investments in high-growth industries and markets throughout the Southern and Mid-Atlantic U.S. As of June 2024, Carter Funds manages a portfolio of more than 10,000 apartment homes with assets under management totaling approximately $3.1 Billion. Learn more at carterfunds.com.

Media Contact:
Stacy Sheedy
Vice President of Marketing, Carter Funds
[email protected]
813-358-5982

SOURCE Carter Funds