Carroll Organization Acquires Value-Add Property in Vinings
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 Estates at Vinings Station, a 315-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 Vinings Station and will also be managed by Carroll Management Group.
"We are very excited about this addition to our portfolio, as the Vinings submarket is one that we have been watching closely for some time. Its unique combination of limited apartment deliveries, strong area job growth, and affluent demographics have produced favorable multifamily fundamentals that we expect to continue for years to come," said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. "Institutionally-built and owned since its original development, Estates at Vinings is an ideal value-add candidate that is poised to benefit from the tremendous growth in Cobb County including the new SunTrust Park, and several large-scale commercial and infrastructure projects."
With 9 ft. ceilings, townhome units, and attached garages, Estates at Vinings Station has timeless characteristics that are well suited to today's rental market. Located in the charming Vinings area, the property combines the pleasures of small town living with easy access to I-75 and I-285, Buckhead, Cumberland/Galleria, Downtown Atlanta, the airport and major business centers. It is within walking distance to Vinings Town Center, home to over 200,000 SF of high-end retailers, boutique shops, and unique restaurants. The Vinings submarket includes 17 million SF of office space and is home to two fortune 500 companies, The Home Depot and Genuine Parts.
Carroll's Atlanta portfolio now includes 12 properties and 3,353 units. Carroll has purchased thirty properties totaling over $1.4 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 has 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.
