National real estate investment and management company CARROLL, based in Atlanta, is slated to have a record 2021. So far this year, it has executed 20 multifamily acquisitions and 30 dispositions, totaling $4.2 billion in transaction volume. In November, the firm announced that it, in partnership with PGIM Real Estate, had sold 12 multifamily communities, valued at more than $1.1 billion, in Florida, North Carolina, and South Carolina.
Its most recent acquisitions are in its home market of Atlanta. CARROLL has acquired two multifamily communities—The Artisan and Berkshires at Lenox Park—for a combined purchase price of $175 million through its latest institutional investment vehicle, Carroll Multifamily Venture VI.
The two properties, which add 715 units to CARROLL’s portfolio, will be managed by the firm and rebranded under the ARIUM name.
“We are thrilled to add two well-located Atlanta assets in our home market,” said founder and CEO M. Patrick Carroll. “Atlanta continues to be one of our most sought-after markets for investment due to its supply and demand dynamics, strong population and job growth, relative affordability, and educated workforce. Since inception, we have invested more than $2.3 billion in the local community, and we hope to continue serving and growing the market by investing in the active, growing areas for years to come.”
The Artisan, a 340-unit garden-style community in northeast Atlanta, will be rebranded as ARIUM Peachtree Creek. Berkshires at Lenox Park, a 375-unit located at the intersection of the popular Brookhaven and Buckhead communities, will be rebranded as ARIUM Lenox Park. Both communities offer convenient access to Atlanta’s major employment hubs as well as amenity and entertainment centers. CARROLL plans to renovate both communities, with ARIUM Lenox Park set for a complete repositioning of interiors, amenities, common areas, and exteriors.
Since the firm’s inception, CARROLL has been active in the hot Atlanta market. These two acquisitions come on the heels of the October purchase of 935M by ARIUM, a 282-unit community in the West Midtown area. The firm’s Atlanta portfolio now includes 18 properties with 6,500 units, representing $1.7 billion in assets under management.
