ATLANTA—The Carroll Organization is continuing its multifamily acquisition stream. Carroll just acquired a stake in The Trellis, a 264-unit, garden style multifamily property in the Georgetown area of Savannah, GA.

Completed in 2010, The Trellis is one of the highest-quality assets in the southwest of Savannah's historic downtown area. The multifamily transaction is a recapitalization of the asset for Charter Development Co., Inc. of Auburn, AL.

“This transaction presented a terrific opportunity to own a high quality apartment asset in Savannah together with a seasoned partner,” says M. Patrick Carroll, founder and CEO of Carroll. “There is limited quality rental inventory in this desirable neighborhood and we feel that The Trellis is well positioned to benefit from strong demand as the local economy continues to rebound. This deal also demonstrates our capability to source deals through structures other than the traditional acquisition model.”

Located in a park-like 20-acre site, The Trellis spans 11 buildings. Amenities include private garages, a nature and jogging trail, park-like open areas with verdant landscaping and monumental oak trees, a clubroom with pool table, fitness center, Internet café, and tanning beds.

In addition to the recapitalization of The Trellis, the Carroll Organization has acquired more than $700 million in multifamily properties located throughout Texas, Florida, Georgia, and Tennessee over the first eight months of 2013. The company sourced many of its deals “off-market” directly from developers.