ATLANTA—Carroll Organization has made a namefor itself doing off-market multifamily deals.Now, it's divesting itself of one those strategic acquisitions itinked in 2011.

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Carroll sold Carroll at Bethesda Park in joint venture withLubert-Adler Real Estate. JLL'sDavid Gutting and Derrick Bloomrepresented Carroll in the sale. Bethesda Park is a 222-unit luxurymultifamily community in the Lawrencevillesubmarket of Gwinnett County, GA.

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“In a dynamic market like ours, you have to be ready and able totake advantage of opportune acquisitions as well as dispositions,”says M. Patrick Carroll, CEO of Carroll. “From theway we finance deals to our management process, every aspect of ourbusiness is structured in a way for us to be increasingly nimble;this is one of our competitive advantages.”

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Built in 2001, the gated multifamily communityis an institutional quality asset. Floor plans offer one- two- andthree-bedrooms ranging from 840 to 1,852 square feet. Amenitiesinclude a saltwater resort-style pool with sundeck; common groundswith grills and picnic areas; a fitness center; business centerwith coffee bar; and lighted tennis court. Carroll invested anundisclosed sum in targeted capital improvements on the multifamilyasset before selling it.

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The divesture seems counter to Carroll's recent moves. In 2013,Carroll acquired over $1 billion in multifamily properties inTexas, Florida, Georgia, and Tennessee. Carroll has already closedover $100 million in multifamily acquisitions in 2014 and reports a“robust” pipeline of investments going into the second quarter. HasCarroll's view on multifamily change?

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“Although we remain bullish on the multifamily market, we saw avaluable opportunity to sell Bethesda Park and lock in gains forour investors,” Carroll says. “Our value-add strategy was executedas planned, our property management team operated the propertyexceptionally well, and the sale caps a solid three years ofownership. The property met all of our return expectations and itwill continue to create value for the new ownership group.”

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