Carroll Buys Multifamily Duo for $46M

ATLANTA—Carroll Organization just acquired two Atlanta-area multifamily communities for $46 million in partnership with NorthStar Realty Finance Corp. The properties are Chattahoochee Landing in Roswell and The Abbey at East Cobb.

Chattahoochee Landing, a unique 396-unit multifamily property, sits on the bluffs overlooking the Chattahoochee River. The Abbey at East Cobb is a 200-unit multifamily property with family-sized floorplans. Carroll plans to make improvements through hands-on management, while rebranding the properties under the proprietary ARIUM name that other properties in its portfolio carries.

“We strive to identify the best investment opportunities in the markets and submarkets demonstrating strong household incomes and economic growth,” says M. Patrick Carroll, founder and CEO of Carroll Organization. “These Atlanta properties benefit not only from their proximity to employment centers and their upscale demographics, but also from their great locations and features that make them attractive to residents.”

Located on 28 acres of land beside the Chattahoochee River, Chattahoochee Landing is in an area that's currently undergoing an $11 million expansion and redevelopment plan. The redevelopment will add a 20-acre park offering bike trails, a dog park, children's play area, and a fishing dock. Carroll is investing $1 million in a capital improvement plan to further enhance the property. The multifamily asset is 97% occupied.

The Abbey at East Cobb is in the East Cobb submarket. According to Carroll, new development in the area is restricted and the demand for quality family-size apartments is strong. The multifamily asset underwent recent renovations in 2005 and 2008. Carroll plans to invest in improvements, including new landscaping and upgrades of the pool, grills, and outdoor furniture and at fitness center.