Prominent Real Estate Investment Company Completes Sale of Boutique, 222-Unit Multifamily Asset
Atlanta, GA — Carroll Organization, a privately-held, national real estate investment company focused on multifamily assets, completed the sale of Carroll at Bethesda Park in Joint Venture with Lubert-Adler Real Estate. The multifamily property was originally acquired by Carroll 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. 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 property met all of our return expectations and it will continue to create value for the new ownership group," said M. Patrick Carroll, CEO of The Carroll Organization.
Bethesda Park is a 222-unit luxury apartment community strategically located in the highly sought-after Lawrenceville submarket of Gwinnett County. Built in 2001, the gated residential community is an institutional quality asset offering spacious floor plans with one, two, and three-bedroom homes ranging from 840 to 1,852 square feet. Best in class amenities include: a saltwater resort-style pool with sundeck; common grounds with grills and picnic areas; fitness center; business center with coffee bar; and lighted tennis court. Carroll Organization implemented a targeted capital improvement campaign that included extensive upgrades, as well as high end amenity finishes.
The Jones Lang LaSalle team of David Gutting and Derrick Bloom represented The Carroll Organization in the sale of Carroll at Bethesda Park.
