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 two apartment complexes in Atlanta, GA: ARIUM Riverside and ARIUM East Cobb. Carroll originally purchased these properties with units of 396 and 200 respectively in April 2013.
"Given our strong local presence and corporate headquarters in Atlanta, we were bullish on these properties when we acquired them. Our thesis at acquisition was to buy two high-quality assets in improving locations in the North Atlanta suburbs with limited supply-side risk and implement a value-add strategy through interior renovations," said M. Patrick Carroll, Founder and Chief Executive Officer of Carroll Organization. "Our Investments and Operations teams were able to prove out that thesis through the execution of our business plan, producing consistent revenue growth at the property level. After three years, we elected to capitalize on the high demand for multifamily assets in the Atlanta market and realize the profits for our investors."
ARIUM Riverside offers a stellar array of attributes that appeal to residents. Located on 28 acres of land beside the Chattahoochee River, Riverside is the only multifamily community with walkable access to both the river and nearby Historic Roswell. ARIUM East Cobb enjoys a premiere location in the East Cobb submarket, convenient to top employers and major corporate headquarters, as well as retail opportunities. Moreover, the property is situated within the East Cobb school district, which has been rated among the finest in Georgia. Throughout the hold period, Carroll improved net operating income by reducing and controlling expenses, upgrading the amenities and interiors, and maintaining strong occupancy.
To date, Carroll has successfully exited fifteen assets valued over $525 million, including these two transactions. The investments have produced an average IRR of 31%. Carroll has purchased twenty-four 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.
