Carroll Organization Expands Atlanta Portfolio with the Acquisition of 524 Units in Kennesaw
Atlanta, GA — Carroll Organization announced today that it has acquired Enclave and Poplar Place, two separate properties located in Kennesaw, GA. Located adjacent to one another, Enclave will be rebranded as ARIUM Kennesaw Villas and Poplar Place rebranded to ARIUM Kennesaw; both will be managed by Carroll Management Group.
"This deal presented a unique opportunity to acquire two well-performing assets in a high-growth suburban Atlanta location," said M. Patrick Carroll, Founder and Chief Executive Officer of Carroll Organization. "With our depth of knowledge in the submarket, we are confident our team can efficiently scale operations at both properties and take each community to its highest potential."
Enclave and Poplar Place are both located in the I-75 Growth Corridor which provides outstanding accessibility to major demand drivers throughout the metro, including the thriving Town Center retail hub and Kennesaw State University. The properties are located within walking distance of the university. KSU recently combined with Southern Polytechnic University and now boasts over 26,000 students, 4,000 employees and a $1.2 billion economic impact. Several class A office and industrial developments are also located nearby including Barrett Business Center, Chapel Creek Industrial Park, Town Park Center, Chastain Center and Chastain Meadows Business Park.
Enclave, consisting of 200-units, features 9 ft. ceilings and oversized floorplans, which are some of the largest in the submarket. Poplar Place, housing 324 units, sits on approximately 27 acres. Each property's community amenities consist of a swimming pool, fitness center, an on-site laundry facility, a clubhouse and a tennis court. Carroll will implement a light value-add business plan to each property through exterior and amenity enhancements as well as interior upgrades.
Carroll has purchased twelve properties in 2015 following the acquisitions of Enclave and Poplar. With these transactions, Carroll has completed over $400 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.
