Carroll Organization Expands Atlanta Portfolio with Acquisition in West Midtown
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 Tenside Apartments, a 336-unit multifamily community in Atlanta, GA, as part of its newest investment vehicle, Carroll Multifamily Real Estate Fund IV, LP. The property will be rebranded as ARIUM Westside and will also be managed by Carroll Management Group.
"Tenside gave us the opportunity to acquire a high-quality mixed-use asset in West Midtown, a true ‘Live-Work-Play' submarket," said M. Patrick Carroll, Founder and Chief Executive Officer of Carroll Organization. "With our depth of knowledge of the Atlanta market and a strong value-add business plan in place, we look forward to improving the amenities for the residents while simultaneously driving value."
The property is a Class "A" mid-rise apartment community with a seven-level parking garage and 39,082 square feet of ground floor retail space located in the highly desirable West Midtown. This sub-market is known for its trendy restaurants, upscale shopping, walkability, and overall quality of life. Tenside is one mile from Interstates 75/85 as well as the Midtown Marta station. It is also surrounded by major employers such as Turner Broadcasting, Coca Cola, and SunTrust and highly rated universities such as Georgia Tech and Georgia State University.
Carroll has now purchased twenty-six properties totaling $1.2 billion, including this transaction, 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 a best in class renovator and operator.
