Carroll Organization Reaches the $500 Million Acquisition Pace with Addition of Two Georgia Properties
Atlanta, GA – Carroll Organization, one of the country's leading privately-held real estate companies focused on multifamily investment, management, and development, continues to be one of the country's biggest buyers of multifamily assets. Carroll has acquired two new Class A apartment communities in Georgia. The properties, totaling 444 units, were acquired in joint venture with W. P. Carey. Gentry's Walk, a 227-unit apartment complex located in Chamblee, GA and Dupont Place, a 217-unit property in Tucker, GA will be rebranded as ARIUM Dunwoody and ARIUM Station 29, respectively. The purchase of these properties takes Carroll's acquisitions for 2014 over the $500 million pace for the year.
"2014 continues to be another great year for our firm. We've added new sourcing capacity to our acquisition team in order to find quality properties where we can execute our value-add model to improve existing apartment communities," said M. Patrick Carroll, Founder and Chief Executive Officer of Carroll Organization. "As we add new assets to our portfolio, we are excited that some of these properties are right here in our backyard. Both properties are located in growing submarkets of Atlanta with tremendous upside. We know economic growth drives demand for quality apartments and the Metro Atlanta region is projected to grow at a strong pace."
Each property is strategically located near important transit corridors, retail centers, employment drivers and recreational parks. ARIUM Dunwoody's location is a great advantage to residents with children, due to the strong school system in the area. Residents are also in close proximity to some of the best healthcare in Atlanta, such as Children's Healthcare and Northside Hospitals. Station 29's community sits on the eastern edge of Northlake, one of Atlanta's largest office submarkets with 19.5 million SF of office space. Along with the rebranding of each property, Carroll will reposition the properties through exterior and amenity enhancements, as well as strategic interior upgrades.
Carroll continues to be one of the most active buyers in the country. So far in 2014 the company has purchased twelve multifamily properties valued at over $500 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.
