Atlanta, GA — Carroll Organization in partnership with AIMS Real Estate, a business unit within Goldman Sachs Asset Management, announced today that they have acquired Chelsea Ridge in Johns Creek, Georgia. Chelsea Ridge, a 396-unit apartment community located in one of Atlanta's premier suburban submarkets, will be rebranded as ARIUM Johns Creek and will be managed by Carroll Management Group.
"Chelsea Ridge is a great addition to our existing Georgia portfolio. The future growth trend on the north side of Atlanta is exciting, and Johns Creek is benefitting greatly from this growth trend," said M. Patrick Carroll, Founder and Chief Executive Officer of Carroll Organization. "This is the third deal we have completed with Goldman Sachs this year, and we are excited to continue to build the partnership. We see a tremendous amount of opportunity in the core plus space. Chelsea Ridge meets all the criteria we look for in an investment: great location, Class A product, quality schools and employment growth."
Johns Creek is a growing submarket that is well-known for its major employment hub, Technology Park; the office park consists of 5.8 million square feet and houses several industry leading technology-oriented firms. The firms include Alcon, Inc., CIBA Vision, Macy's Systems & Technology, SAIA and State Farm Insurance. There are currently no new apartment developments under construction or approved for Johns Creek, which results in an exceptional supply/demand dynamic for existing properties. Average household income within a one mile radius of the community exceeds $145K, while average housing values exceed $450K. Chelsea Ridge is located on 35 acres that include a nature path with bridges, a dog park, two pools, and a tennis and volleyball court. Carroll and AIMS Real Estate plan to implement exterior and interior enhancements including painting the property, expanding the fitness center, improving the pool areas, and resurfacing the tennis courts.
The purchase of Chelsea Ridge is the seventh multifamily acquisition for Carroll in 2015. With this transaction, Carroll has completed over $318 million in acquisitions in 2015 and continues to actively purchase high-quality multifamily communities in the Southeast and Texas. Carroll sourced many of its deals "off-market" directly from developers and owners and is recognized in the industry as an owner that executes at each stage of the investment life cycle.
