Carroll Organization Closes the Year with 11th Disposition of 2017
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 completed the sale of ARIUM HomePlace in Prattville, AL. This property was initially acquired in October 2015 as a part of Carroll Multifamily Real Estate Fund III, LP and was managed by Carroll Management Group.
“ARIUM HomePlace represented the opportunity to own one of the premier multifamily communities in Montgomery, within the high-growth submarket of Prattville. We acquired the property during its initial lease-up at a favorable basis relative to today’s replacement cost and have experienced a strong track record of rent growth and occupancy during our ownership,” said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. “Given the strong pricing recently achieved for well-located garden product in secondary markets, we elected to sell the asset and realize an excellent return for our investors.”
ARIUM HomePlace is a 240-unit apartment community built in 2014 with the perfect fusion of modern sophistication and convenience. The property offers its residents a resort-style pool with sundeck, 24-hour fitness club with cardio theater, billiards room, drive-thru mail kiosk, and executive business center with complimentary Wi-Fi. The units include washer/dryers, gourmet kitchens and stainless-steel appliances. ARIUM HomePlace is close to major interstates, shopping and fine dining. It is just minutes away from Maxwell Airforce Base and within the Autauga County School district.
To date, Carroll has successfully exited forty assets valued over $1.9 billion, including this transaction. The investments have produced an average IRR in excess of 30%. In 2017, Carroll sold eleven properties totaling over $810 million and purchased forty properties totaling over $1.6 billion. Carroll Organization is continuing to actively acquire 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.
