Carroll Organization Completes Sale of ARIUM Sweetwater in Atlanta
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 completed the sale of ARIUM Sweetwater in Lawrenceville, GA. The 308-unit community was originally purchased in November 2012 as a part of Carroll Co-Invest Fund II, LP. Phoenix Capital Partners, Ltd., based in Dallas, Texas, provided joint-venture equity for this investment.
“ARIUM Sweetwater was one of our first value-add deals that we acquired in Atlanta. We were initially attracted to its institutional-quality construction, 9 foot ceilings, large floor plans, abundant amenity space, and rapidly improving location. Since our acquisition of the property nearly four years ago, the I-85 corridor has exploded with job growth which has greatly contributed to our success in driving rents,” said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. “While we are still bullish on the continued growth of the area and strength of the submarket, we made the decision to sell the asset and deliver significant profits to our investors.”
ARIUM Sweetwater is a newly renovated luxury community with an array of custom features and high end amenities. It features an over-sized floorplan average of 1,151 SF and includes a variety of upgrades such as arched doorways, built-in bookshelves, vaulted ceilings and crown molding. The community is conveniently located near the area’s prime retail, dining, and nightlife district including Gwinnett Place, Sugarloaf Mills, Mall of Georgia, and Infinite Energy Arena. Its location is also near the major employment clusters along I-85 and the dynamic Gwinnett GA-316 corridor.
To date, Carroll has successfully exited twenty-nine assets valued over $1 billion, including this transaction. The investments have produced an average IRR of 30%. Carroll has purchased thirty-two properties totaling over $1.5 billion since the beginning of 2015 and is continuing 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.
