CARROLL Adds 282 Units to Atlanta Portfolio with West Midtown Acquisition
The acquisition brings the Atlanta-based national real estate investment firm’s current presence in Atlanta to 6,500 units under management
CARROLL today announced the acquisition of a 935M Apartments, a 282-unit community in Atlanta, Ga. The asset, rebranded under the name 935M by ARIUM, was acquired off-market through CARROLL’s institutional fund vehicle, Carroll Multifamily Venture VI, LP.
A mid-rise community in Atlanta’s West Midtown neighborhood, 935M by ARIUM features a concrete and steel construction, 10-foot ceilings, floor-to-ceiling windows, and stained concrete floors in all units. The property – which is within walking distance to Georgia Tech’s campus – also includes nearly 13,000 square feet of highly trafficked retail space on its ground floor. West Midtown is a premiere Atlanta neighborhood with retail, entertainment, residential, and office locations.
The property, built in 2010, has capitalized on the growth of the West Midtown area, consistently maintaining high occupancy trends and is currently exhibiting double-digit rent growth gains. Since its inception in 2004, the Firm has maintained a strong Atlanta presence, with 6,500 units currently under management across 18 properties.
Thus far in 2021, CARROLL has executed 20 transactions (nearly 7,000 units) totaling nearly $1.5 billion and continues to actively acquire high-quality multifamily communities in the Southeast, Southwest, Mountain West, and other strategic target markets across the country.
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 $3 billion of equity through CARROLL-sponsored funds and joint ventures. CARROLL has successfully purchased, developed or sold more than $13.4 billion of real estate. CARROLL has regional offices in Dallas, Denver, Raleigh, Tampa, and New York.
The company manages 28,000 multifamily units in eight states and has purchased other multifamily owner/operators throughout the U.S. The firm has also developed student housing, single-family residential, and retail, and has overseen more than $250 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, close, and manage transactions.