CARROLL, a national real estate investment and management company, has acquired two new multifamily properties in Atlanta — The Artisan and Berkshires at Lenox Park — for a combined purchase price of $175 million, according to a recent announcement.
Located in northeast Atlanta, these properties will add 715 units to the CARROLL portfolio. Both properties, acquired through CARROLL’s latest institutional investment vehicle, Carroll Multifamily Venture VI, LP, will be managed by CARROLL and rebranded under the “ARIUM” name.
The Artisan, which will be rebranded as ARIUM Peachtree Creek, is a 340-unit garden-style community located off I-85 in northeast Atlanta. Berkshires at Lenox Park, which will be rebranded as ARIUM Lenox Park, is a 375-unit property ideally located at the intersection of Brookhaven and Buckhead.
Following the acquisition, CARROLL plans to renovate both communities, with ARIUM Lenox Park set for a complete repositioning of all interiors, amenities, common areas, and exteriors.
“We are thrilled to add two well-located Atlanta assets in our home market,” said M. Patrick Carroll, founder and CEO of CARROLL. “Atlanta continues to be one of our most sought-after markets for investment due to its supply/demand dynamics, strong population and job growth, relative affordability, and educated workforce. Since inception, we have invested more than $2.3 billion into the local community and we hope to continue serving and growing the market by investing in the active, growing areas for years to come.”
These Atlanta acquisitions come on the heels of CARROLL’s October acquisition of 935M by ARIUM, a 282-unit community located in the West Midtown area of Atlanta, propelling CARROLL’s Atlanta position to 18 properties (6,500 units) representing $1.7 billion in assets under management.
Since its inception, CARROLL has maintained an active presence in the Atlanta market. “With a steady in-migration trend due in part to a growing tech presence, tax-friendly environment, and a low cost of living, the five-year outlook for the supply-constrained Southern hub projects continued growth,” according to the announcement. “This trend is evident in multifamily investments, with Yardi Matrix data indicating a rent growth of 2.1% in October — making Atlanta seventh in the nation and 60 basis points above the national average — and a 20.2% YoY rent growth trend as of October 2021.”
Thus far in 2021, CARROLL has executed 20 acquisitions and 30 dispositions, totaling $4.2 billion in transaction volume in what is slated to be a record year for CARROLL in activity.
