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.”