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.