ATLANTA, GA – National real estate investment and management company, CARROLL has purchased two new multifamily properties in Atlanta for a combined purchase price of $175 million.
Located in northeast Atlanta, the two assets, The Artisan and Berkshires at Lenox Park, total 715 units. The properties will be rebranded under the "ARIUM" name and will be managed by CARROLL.
Both properties were both acquired through CARROLL's institutional investment vehicle, Carroll Multifamily Venture VI LP.
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Located off of Interstate 85, The Artisan is a 340-unit garden-style community and will be rebranded as ARIUM Peachtree Creek. Located at the intersection of the Brookhaven and Buckhead neighborhoods, Berkshires at Lenox Park offers 375 units and will be rebranded as ARIUM Lenox Park.
CARROLL intends to renovate both properties, including a complete repositioning of all interiors, exteriors, amenities and common areas at ARIUM Lenox Park.
"We are thrilled to add two well-located Atlanta assets in our home market," states M. Patrick Carroll, founder and CEO of CARROLL. "Atlanta continues to be one of our most sought-after markets for investment due to its supply/demand dynamics, strong population and job growth, relative affordability, and educated workforce."
Carroll adds, "Since inception, we have invested more than $2.3 billion into the local community and we hope to continue serving and growing the market by investing in the active, growing areas for years to come."
CARROLL also recently acquired the 282-unit community, 935M by ARIUM, in Atlanta's West Midtown area, which brought the firm's Atlanta portfolio to 6,500 units, representing $1.7 billion in assets under management.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
