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 acquired The Avenues at Overland Park, a 402-unit apartment community in Overland Park, KS, as part of its newest investment vehicle, Carroll Multifamily Real Estate Fund IV, LP. The property will be rebranded as ARIUM Overland Park and will be managed by Carroll Management Group.
"The Avenues at Overland Park presented an off-market opportunity to enter the Kansas City market through the acquisition of a newly-constructed, Class A asset within the premier community of Overland Park," said M. Patrick Carroll, Founder and Chief Executive Officer of Carroll Organization. "With its superior amenity package, luxury interior finishes, and desirable floor plans with 100% attached garages, we are confident in our ability to cater to the exceptional demographics in the area with a best-in-class rental product."
The property, completed in 2015, combines a unique fusion of sophistication and style with the convenience of an impeccable setting. The property features "Big House" style construction with large units, individual ground floor entries, and attached garages, which are particularly attractive for renters seeking an apartment that feels more like a home. The Avenues at Overland Park is located on West 135th street in close proximity to I-35, 435, and 635, providing residents with easy access to Downtown Kansas City, Country Club Plaza, and the KCI Airport.
Along with convenient access to employers, retail and entertainment, Overland Park is located within the Olathe School District, which ranks 3rd in Kansas City and has an A ranking. The property is zoned for Olathe High School, which is consistently ranked among one of the best public schools in the state.
Carroll has purchased twenty-five properties totaling over $1 billion since the beginning of 2015 and will continue to actively purchase high-quality multifamily communities in the Southeast and Southwest, and other strategic target markets across the country. 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.
