Carroll Triples Multifamily Equity in Less Than Four Years
ATLANTA — In a move to tap into the strong demand for multifamily assets in Atlanta, Carroll Organization and Origin Investments just sold Arium North Point. The 236-unit multifamily community is in the Atlanta suburb of Rosewell.
The joint venture acquired the multifamily asset in December 2012. Less than four years later, the companies sold Arium North Point to a private investor and tripled its equity in the deal. Financial terms of the deal were not disclosed.
"This area of Atlanta, known as Rosewell, is a restricted in terms of new development potential,” Mark Turner, director of asset management at Origin, tells GlobeSt.com. “It also is an area that has a strong school system, one that attracts people. In fact, according to Turner, renters are willing to pay a little higher rents in order to send their kids to Rosewell schools."
Arium North Point is a garden-style multifamily community with high-end amenities located minutes from GA-400. The low-density 8.1 units per acre complex offers a "preserve-like" wooded setting.
"The disposition of ARIUM North Point proves our original investment thesis: that value creation was attainable by leveraging demand for this market segment and its quality schools and a phased modernization program that would allow rents to be increased," says Turner. "Further improvements and value creation remain, and made the property attractive to value-add investors."
The multifamily property has a clubhouse, business and fitness center, and a terraced pool area. The community is located in an excellent school district, including nationally acclaimed public schools such as Milton High School, while also being in close proximity to great shopping, dining and entertainment.
"We were able to purchase an ideal, value-add asset in an excellent location which perfectly matched our investment strategy," says M. Patrick Carroll, founder and CEO of Carroll Organization. " After almost a four year hold, we saw an opportunity to sell."
SOURCE: GLOBEST.COM
