DURHAM, NC—Carroll Organization was active on the multifamily front in 2014, and the Atlanta-based firm shows no signs of slowing down this year. In its first acquisition of 2015, Carroll snapped up a 350-unit multifamily community two miles south of Duke University in Durham, NC in a joint venture with W.P. Carey's (WPC) REIT, CPA:18 – Global and Silverpeak Real Estate Partners.

Most of Pinnacle Ridge's tenants are either Duke graduate students are full-time employees of the school. Duke is the second-largest private employer in North Carolina, housing over 37,000 employees and the largest in the Triangle region.

“We continue to focus our efforts in markets like Raleigh-Durham and Chapel Hill, which have projected outsized population growth when compared to other major cities,” says M. Patrick Carroll, founder and CEO of Carroll. Carroll will begin the rebranding process by renaming the property ARIUM Pinnacle Ridge.

The multifamily property is next to the 15-501 corridor that connects the town of Chapel Hill with the city of Durham. The 15-501 corridor offers access to Interstate 40 and Interstate 85, which makes it easy for residents and prospective renters to travel to all points of the Triangle in just minutes.

In 2014, Carroll purchased 15 multifamily properties valued at over $615 million and has now exited properties valued over $220 million. The company sourced many of its deals “off-market” directly from developers and owners.

“Pinnacle Ridge is the second property we have purchased in the Research Triangle in the past two months, and we are excited to be expanding our footprint in a region with a strong overall economy,” says Carroll. “The trajectory of job and population growth fuel the rental market fundamentals and bode well for our investment in Pinnacle.”

According to Marcus & Millichap's ApartmentResearch Market Report for the fourth quarter of 2014, Metro Atlanta apartment operations have made “substantial strides” since the downturn. What's more, Atlanta's multifamily market shows no signs of slowing down going into 2015.

In November, WPC tag teamed on the acquisition of two multifamily properties in Atlanta. WPC's CPA:18 – Global bought a 97% interest in Dupont Place Apartments in Tucker, GA and Gentry's Walk in Chamblee, GA. CPA:18 partnered with Carroll Organization and Silverpeak Real Estate Partners, which own the remaining interest. The total purchase price was $46 million. And Oak Coast Properties and IMG report they have acquired the Legacy Key Apartments community here for $30 million, including costs, from DRA Advisors LLC.