Carroll Organization Makes Off-Market Purchase to Acquire Two Properties in Alabama
Atlanta, GA — Carroll Organization announced today that it has acquired two properties in an off-market portfolio purchase. Totaling 528 units, Carroll purchased The Venue in Birmingham, AL and Villas at HomePlace in Prattville, AL. The properties will be rebranded as ARIUM Lakeshore and ARIUM HomePlace, respectively, and will be managed by Carroll Management Group.
"A large part of our success in the Southeast stems from our ability to source investment opportunities off-market," said M. Patrick Carroll, Founder and Chief Executive Officer of Carroll Organization. "Lakeshore and HomePlace presented an excellent opportunity to acquire brand new assets in great locations that are generating above market yields."
ARIUM Lakeshore is heavily driven by the University of Alabama Birmingham, which employs nearly 19,000 and is the state's largest single employer. The property is just ten minutes from Downtown Birmingham and offers residents proximity to major employers, award-winning medical facilities, championship golf courses and luxury shopping.
ARIUM HomePlace, located in the submarket of Prattville, is Montgomery's premier suburban market. The area is characterized by its rich historic culture, affluent homes, country clubs and top ranked schools. The property's location is anchored by Maxwell-Gunter Air Force Base and Officer School, which consists of over 12,280 employers and has a 2.6 billion annual economic impact on the area economy.
Carroll has purchased thirteen properties in 2015 following the acquisitions of Lakeshore and HomePlace. With these transactions, Carroll has completed over $540 million in acquisitions this year and continues to actively purchase high-quality multifamily communities in the Southeast and Texas. Carroll sourced many of its deals "off-market" directly from developers and owners, and is recognized in the industry as an owner that executes at each stage of the investment life cycle.
