Carroll Organization Acquires First Residential Apartment Complex in Raleigh/Durham, NC
Atlanta, GA – September 12th, 2013 – Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management and development, has purchased New Haven Apartments, a prime multifamily asset in a highly desirable Raleigh/Durham, North Carolina location, adjacent to the renowned Research Triangle Park. The Atlanta-based company acquired the 369-unit, garden-style residential community for an undisclosed purchase price. Carroll Organization sources many of its deals “off-market”, capitalizing on strong relationships with owners and developers, and has become known within the brokerage community as a go-to buyer that performs.
"This transaction represents the first of many new multifamily acquisitions we plan in the Raleigh/Durham market”, said M. Patrick Carroll, Founder and Chief Executive Officer of Carroll Organization. “We are strategically targeting the best multifamily assets in markets with demand drivers like strong job growth and other positive demographic trends. New Haven fits our investment philosophy perfectly, allowing us to own a terrific asset for well below replacement cost."
New Haven is a beautiful apartment community consisting of spacious one, two, and three-bedroom homes with fully-equipped kitchens, frost-free refrigerators, private patios or balconies, breakfast and computer nooks, washer and dryer in select units, fireplaces, built-in bookcases, and outside attic or storage. The asset is unique in that half of the property is made up of two and three bedroom townhomes. The community’s amenities include a dog park, resort-style swimming pool, fitness center, picnic and grilling areas, and a clubhouse with a full recreation room. The beautifully landscaped complex is strategically positioned in one of the Triangle’s most sought after locations. With immediate access to the area’s main thoroughfares – Durham Freeway (Hwy 147), US-70/Glenwood Ave and I-40 – residents of New Haven can access all the main employment nodes for a wide range of opportunities including the Research Triangle Park, the major medical installations and the downtowns of Durham and Raleigh. Residents also benefit from the community’s close proximity to the major retail and recreational outlets in the Brier Creek area without being immersed in the congestion associated with big box retailers.
As part of the company’s rebranding of its entire portfolio under the proprietary name "ARIUM, a Carroll Community", New Haven will be rebranded as "ARIUM Research Triangle Park."
