Atlanta, GA – Carroll Organization announced today that it has acquired a multifamily community in Huntersville, NC, located in the Lake Norman area of Charlotte. The property will be managed by Carroll Management Group.
"Charlotte has shown consistent performance over the past few years and we expect that to continue as the fundamentals remain strong," said M. Patrick Carroll, Founder and Chief Executive Officer of Carroll Organization. "This deal presented an opportunity to not only grow our portfolio in North Carolina, but also create an excellent value-add business plan to enhance performance and create additional value. We were drawn to Lake Norman due to its abundant employment, barriers to entry and demographic makeup."
The Lake Norman area of Charlotte is known for its excellent schools, affluent demographics and high quality of life. The property is neighboring a brand new Whole Foods, and is surrounded by quality retail options. The Birkdale Village shopping center just west of the Whole Foods is an award-winning shopping center with high-end retailers, restaurants and a movie theater. Lake Norman, a 32,510 acre man-made lake is less than two miles from the property and provides numerous recreational opportunities. Additionally, the property provides easy access to I-77, which is less than ½ mile away, which provides excellent accessibility for residents to travel into downtown Charlotte and the surrounding employment centers.
Along with convenient access to employers, retail and entertainment, residency in the Lake Norman area is driven by its distinguished public school system. The property is zoned for Grand Oak Elementary, Bradley Middle School and Hough High School, all of which are A-rated and in the top 100 schools in the state.
Carroll has purchased twenty-four properties totaling over $1 billion since the beginning of 2015 and will continue to actively purchase high-quality multifamily communities in the Southeast and Texas during 2016. 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.
