Joint Venture Sells 222-Unit Apartment Community in Georgia
Lawrenceville, Ga.— National multifamily investor The Carroll Organization has completed the sale of Carroll at Bethesda Park along with its joint venture partner Lubert-Adler Real Estate. The asset was picked up by Carroll back in 2011 in an off-market transaction.
“In a dynamic market like ours, you have to be ready and able to take advantage of opportune acquisitions as well as dispositions,” says Patrick Carroll, CEO of The Carroll Organization. “From the way we finance deals to our management process, every aspect of our business is structured in a way for us to be increasingly nimble; this is one of our competitive advantages. Although we remain bullish on the multifamily market, we saw a valuable opportunity to sell Bethesda Park and lock in gains for our investors. Our value-add strategy was executed as planned, our property management team operated the property exceptionally well, and the sale caps a solid three years of ownership.”
The 222-unit luxury community was built in 2001 and features a saltwater pool with sundeck, picnic areas with grills, a fitness center, business center, and lighted tennis court. The JLL team of David Gutting and Derrick Bloom represented The Carroll Organization in the sale of Carroll at Bethesda Park.
SOURCE: MULTIHOUSINGNEWS.COM
