Carroll Organization Increases Atlanta Portfolio to Thirteen with Value-Add Acquisition in Sandy Springs
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 Nevadan Apartments, a 480-unit multifamily community in Atlanta, GA, as part of its newest investment vehicle, Carroll Multifamily Real Estate Fund IV, LP. The property will be managed by Carroll Management Group.
"Headquartered in Atlanta, we know the market well and have the ability to identify unique opportunities like Nevadan. The property benefits from an excellent Central Perimeter location, but has not achieved its full potential as evidenced by its below market rents" said M. Patrick Carroll, Founder and Chief Executive Officer of Carroll Organization. "Through substantial upgrades to the exterior, amenities, and interiors, we plan to take Nevadan to the next level and narrow the rent gap between the property and its Class A competitive set."
The Nevadan Apartments is a value-add asset with an A location in the heart of Central Perimeter, Atlanta's largest office market. The area is home to the headquarters of nine Fortune 1000 companies and within one mile of three nationally ranked hospitals. The Central Perimeter submarket continues to expand its employment base with the recently announced relocation of Mercedes-Benz's U.S. Headquarters and State Farm Insurance's regional consolidation. The community is also under ½ mile from both I-285 and GA-400, two of the most heavily trafficked roads in the city which provide unparalleled access in all directions.
Carroll's business plan includes significant renovation to both the exterior and interior the property. Enhancements will also be made to the clubhouse, business center, fitness center, and pool area. A dog park will be installed and a bocce ball court, fire pit, seating area, and outdoor kitchen will be added near the pool area.
