Carroll Organization Completes Sale of ARIUM Research Triangle Park in North Carolina
Atlanta, GA — Carroll Organization, one of the country's leading privately-held real estate companies focused on multifamily investment, management and development announced today that it has completed the sale of ARIUM Research Triangle Park in Raleigh/Durham, North Carolina. Carroll purchased the 396-unit property in September of 2013.
"We recognized the potential for growth within The Research Triangle Park and were able to purchase the asset below replacement cost," said M. Patrick Carroll, Founder and Chief Executive Officer of Carroll Organization. "This sale is another example of our expertise in adding value through capital improvements. We were able to execute the business plan and realized strong rent growth as a result. After the three-year hold, we took advantage of the opportunity to deliver strong returns to the partnership and our investors."
Throughout the hold period, Carroll improved net operating income by reducing and controlling expenses, upgrading the amenities and interiors, and streamlining management processes. The property saw a steady occupancy of 94% throughout the three years under Carroll's management.
"We are pleased to have invested with Carroll Organization in the Research Triangle Park multifamily community. An attractive basis, combined with successful execution of planned value-add initiatives, favorable financing, and positive demographic trends for the Raleigh-Durham MSA, provided the opportunity to achieve a strong risk-adjusted return for our investors," added Robert Davies, Principal with The Townsend Group.
To date, Carroll has successfully exited twelve assets valued over $440 million, including this transaction. The investments have produced an average IRR of 31%. Carroll has purchased twenty-three properties totaling over $1 billion since the beginning of 2015 and is continuing 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 state of the investment life cycle.
