Why Carroll Is Zeroing In On Raleigh Multifamily
CHARLOTTE—Carroll Organization continues its multifamily run with the purchase of New Haven Apartments. The apartment community is in a high profile area of Raleigh Durham next to the Research Triangle Park.
Carroll sources many of its deals “off-market,” leveraging strong relationships with owners and developers. The Atlanta-based company acquired the 369-unit, garden-stylemultifamily community for an undisclosed purchase price.
"This transaction represents the first of many new multifamily acquisitions we plan in the Raleigh/Durham market," says M. Patrick Carroll, founder and CEO of Carroll. "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."
The landscaped multifamily complex is in one of the Triangle’s most strategic locations. With immediate access to the area’s main thoroughfares—Durham Freeway (Highway 147), US-70/Glenwood Ave and Interstate 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.
The multifamily property, which is being rebranded as Arium Research Triangle Park, is also close to major retail and recreational outlets in the Brier Creek area without being immersed in the congestion associated with big box retailers. Multifamily amenities include a dog park, resort-style swimming pool, fitness center, picnic and grilling areas, and a clubhouse with a full recreation room.
New Haven offers 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 multifamily asset is unique in that half of the property is made up of two and three bedroom townhomes.
SOURCE: www.globest.com
