Carroll Organization Makes First Acquisition of 2015 with Class A Community near Duke University
Atlanta, GA — Carroll Organization, one of the country's leading privately-held real estate companies focused on multifamily investment, management and development announced today that it has acquired Pinnacle Ridge, a 350-unit multifamily community just two miles south of Duke University in Durham, North Carolina. The property was acquired in joint venture with W. P. Carey's managed non-traded REIT, CPA®:18 – Global, and Silverpeak Real Estate Partners. Carroll will begin the rebranding process by renaming the property, ARIUM Pinnacle Ridge, after it's nationally recognized ARIUM brand.
"We continue to focus our efforts in markets like Raleigh-Durham and Chapel Hill, which have projected outsized population growth when compared to other major cities. Pinnacle Ridge is the second property we have purchased in the Research Triangle in the past two months, and we are excited to be expanding our footprint in a region with a strong overall economy," said M. Patrick Carroll, Founder and Chief Executive Officer of Carroll Organization. "The trajectory of job and population growth fuel the rental market fundamentals and bode well for our investment in Pinnacle."
With a top employer and school like Duke University in close vicinity, the majority of the tenants at Pinnacle Ridge are associated with Duke as graduate students or full time employees. Duke is the second largest private employer in North Carolina housing over 37,000 employees and the largest in the Triangle region. The property is also closely situated along the 15-501 corridor that connects the town of Chapel Hill with the city of Durham. The 15-501 corridor provides access to Interstate 40 and Interstate 85 which enables residents and prospective renters easy access to all points of the Triangle in just minutes.
The property offers excellent amenities with a resort style pool including a spacious sun deck, a 24 hour fitness center, a recently renovated clubhouse which is the largest in this submarket, a business center, laundry facility, lighted tennis court and a racquetball court. The previous owners have upgraded interior features in 99 units and Carroll plans to renovate the remaining 251 units which will include stainless steel appliances, resurfaced counters and upgraded plumbing and lighting fixtures.
Carroll continues to be one of the most active multifamily owner/ operators in the country. In 2014, the company purchased fifteen multifamily properties valued at over $615 million and has now exited properties valued over $220 million. The company sourced many of its deals "off-market" directly from developers and owners, and is recognized within the industry as an owner that executes at each stage of the investment life cycle.
