CARROLL Continues Strong Second Quarter Activity with Two Successful Property Sales in Georgia
CARROLL Sells two Atlanta-area properties to close Q2.
CARROLL has executed the sale of two Atlanta-area properties: ARIUM Station 29, a 217-unit community in Tucker, Ga.; and ARIUM Dunwoody, a 227-unit complex in Dunwoody, Ga. Both properties are garden-style, gated communities considered to be leading apartment communities in suburban Atlanta.
ARIUM Station 29 is located in the heart of Tucker, Ga., on the eastern edge of Northlake – one of Atlanta’s largest office submarkets with 19.5 million square feet of space. The property also offers easy access to shopping, restaurants, and entertainment, as well as highway access to I-285, I-85, and I-75.
Meanwhile, ARIUM Dunwoody is located inside of I-285, with close proximity to GA-400, providing residents with convenient access to Atlanta’s major employment centers and a top-tier public school system. Central Perimeter, Atlanta’s largest office submarket, is 2 miles away.
“We purchased ARIUM Station 29 and ARIUM Dunwoody due to their value-add potential and outstanding locations to employment centers and solid schools. The properties have performed well and exceeded our expectations,” said M. Patrick Carroll, Founder and CEO of CARROLL. “Given the market climate and our team’s hard work, we decided it was time to sell and realize a return for our investors.”
CARROLL purchased ARIUM Station 29 and ARIUM Dunwoody, in part, due to their proximity to major employment centers, as the employment growth for both areas was projected to outperform the broader Atlanta metro area throughout the five years following the acquisition. During the two-and-a-half-year holding period, the brand implemented its value-add business strategy, which included exterior and amenity upgrades, as well as strategic interior upgrades, among other property enhancements.
This disposition demonstrates continued momentum in transaction volume, with more transactions scheduled for the coming weeks.
CARROLL, a privately held real estate company, was founded in 2004. With headquarters in Atlanta, Ga., CARROLL focuses on multifamily communities, including acquisitions, property and asset management services, and fund management. The firm has raised more than $2.7 billion of equity through CARROLL-sponsored funds and joint ventures. CARROLL has successfully purchased, developed or sold more than $12 billion of real estate. CARROLL also has regional offices in Houston, Raleigh, Tampa, and New York.
The company manages more than 30,000 multifamily units in seven states and has purchased other multifamily owner/operators throughout the U.S. The firm has also developed student housing, single-family residential, and retail communities, and has overseen more than $200 million of construction management for both its owned and fee partners. From due diligence to execution, CARROLL has the internal capabilities and the external relationships to identify, underwrite, and close transactions. For more information, visit carrollorg.com.
Interdependence Public Relations