Carroll Spends $74M for West Midtown Atlanta
The class A mid-rise multifamily community has a seven-level parking garage and 39,082 square feet of ground floor retail space in West Midtown.
ATLANTA — Tenside Apartments, a 336-unit multifamily community in Atlanta, has traded hands. Carroll Organization acquired the asset as part of its newest investment vehicle, Carroll Multifamily Real Estate Fund IV.
"Tenside’s prominent urban location at the corner of two major Atlanta thoroughfares—10th Street and Northside Drive—offers unmatched visibility and lies in the clear path of West Midtown’s rapid growth," M. Patrick Carroll, founder and CEO of Carroll, tells GlobeSt.com. "With strategic capital expenditures focusing on the exterior and amenities, we are confident in our ability to add value through a lease up of the high-quality ground floor retail space and drive rents on the condo-quality multifamily component. Tenside is an ideal fit for our core-plus strategy."
Carroll is rebranding the asset ARIUM Westside. Carroll Management Group will manage the multifamily asset. The class A mid-rise multifamily community has a seven-level parking garage and 39,082 square feet of ground floor retail space in West Midtown.
Trendy restaurants, upscale shopping, walkability, and overall quality of life mark the West Midtown submarket. Tenside is one mile from Interstates 75 and 85 and the Midtown Marta station. Major employers such as Turner Broadcasting, Coca Cola, and SunTrust and highly rated universities such as Georgia Tech and Georgia State University also surround the multifamily asset.
Including this transaction, Carroll has purchased 26 properties totaling $1.2 billion since the beginning of 2015. The firm plans to 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. The firm recently tripled its multifamily equity in less than four years.
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SOURCE: GLOBEST.COM
