Carroll Organization Acquires Apartment Community in the Thriving Chapel Hill Market
Atlanta, GA — Carroll Organization, one of the country's leading privately-held real estate companies focused on multifamily investment, management and development, has announced today it has acquired Notting Hill, a 200-unit community in Chapel Hill, North Carolina. Carroll Organization acquired the asset with joint venture partner AIMS Real Estate, a business unit within Goldman Sachs Asset Management. As a Carroll Community, Notting Hill will be managed by Carroll Management Group.
"The intellectual capital of the Research Triangle is incredible. The innovation coming out of the Chapel Hill and Durham markets will drive tremendous job growth and need for quality rental housing in the region," said M. Patrick Carroll, Founder & Chief Executive Officer of Carroll Organization. "We're excited to purchase a Class A property in the area to serve this need."
Notting Hill, which is located just off Highway 15-501 is well-positioned at the gateway to both Chapel Hill and Durham. The surrounding area has a high and stable demand for rental housing due to the significant population attending or working at University of North Carolina-Chapel Hill and Duke University. The attractive neighborhood is well known for its top rated public schools, close proximity to retail centers and overall high-quality of life. The average household income in a one mile radius is over $100,000 and the average home value is over $430,000. With no new supply of multifamily projects under construction, there is a strong rent growth opportunity.
The community's amenities include a business center, a car care center, fitness center, lighted tennis court, a playground, picnic areas with grills, a resort-style swimming pool and a coffee lounge. The previous owner has renovated 20% of the units currently and Carroll will implement a value add business plan to renovate the remaining 80% which will include stainless steel appliances, resurfaced countertops, wood flooring, new lighting and hardware fixtures. Carroll will also be adding a dog park, as well as enhancing the clubhouse and pool areas.
Carroll continues to be one of the most active buyers in the country. So far in 2014, the company has purchased fourteen multifamily properties valued at over $570 million. The company sourced many of its deals "off-market" directly from developers and owners, and is recognized within the brokerage community as a go-to buyer that performs.
