National real estate investment and management company CARROLL has added three multifamily communities in the Atlanta area to its ARIUM brand. The firm acquired the assets—The Cascade at Morgan Falls, The Fountains at Morgan Falls, and The Columns at Bentley Manor—for a combined purchase price of approximately $220 million through its latest institutional fund vehicle, Carroll Multifamily Venture VI.
“At CARROLL, we believe in the long-term demand for each of these locations due to their relative affordability, proximity to local freeways and employment hubs, good schools, and the fundamentals of Atlanta’s strong, diversified economy, which has been highlighted by its resiliency through the pandemic,” said Casey Barber, vice president of investments. “We’re always looking to invest in active, growing areas with good macroeconomic tailwinds, and believe these communities strongly deliver.”
The communities, located in strategic and high-growth areas in the Atlanta market, will add 1,598 units to CARROLL’s portfolio. They will be rebranded under the ARIUM multifamily brand and managed by CARROLL.
The adjacent Cascade at Morgan Falls and The Fountains at Morgan Falls will be combined under a new name—ARIUM Morgan Falls. Located in Sandy Springs, it includes 1,180 units near major freeways and in close proximity to public transportation. CARROLL plans to invest more than $30 million in the properties, including the overhaul of exteriors, amenities, and unit interiors as well as to reposition the communities with features synonymous with the ARIUM brand.
The Columns at Bentley Manor will be rebranded as ARIUM on Bentley. The 418-unit garden-style community is located in Marietta in Cobb County, well known for highly rated schools and close to retail, sports, and entertainment venues. CAROLL will utilize its renovation and repositioning experience to executive a capital plan.
The acquisition also demonstrates CARROLL’s confidence in the future of multifamily post-pandemic.
“Despite the well-seen trend of riding out this current pandemic, we are using this time as an opportunity to acquire and invest in new communities,” said CEO Patrick Carroll. “We have experienced tremendous growth in recent years, and these significant acquisitions are an example of where CARROLL is headed as we look into the next year.”
CARROLL has purchased 17 multifamily communities—totaling more than $1 billion—since 2019 and is continuing to acquire communities in the Southeast, Southwest, Mountain West, and other target markets.
