ATLANTA, GA – Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management and development, has announced today it has acquired Notting Hill, a 200-unit community in Chapel Hill, North Carolina. Carroll Organization acquired the asset with joint venture partner AIMS Real Estate, a business unit within Goldman Sachs Asset Management. As a Carroll Community, Notting Hill will be managed by Carroll Management Group.
“The intellectual capital of the Research Triangle is incredible. The innovation coming out of the Chapel Hill and Durham market will drive tremendous job growth and need for quality rental housing in the region,” said M. Patrick Carroll, Founder & Chief Executive Officer of Carroll Organization. “We’re excited to purchase a Class A property in the area to serve this need.”
Notting Hill, which is located just off Highway 15-501 is well-positioned at the gateway to both Chapel Hill and Durham. The surrounding area has a high and stable demand for rental housing due to the significant population attending or working at University of North Carolina-Chapel Hill and Duke University. The attractive neighborhood is well known for its top rated public schools, close proximity to retail centers and overall high-quality of life. The average household income in a one mile radius is over $100,000 and the average home value is over $430,000. With no new supply of multifamily projects under construction, there is a strong rent growth opportunity.
The community’s amenities include a business center, a car care center, fitness center, lighted tennis court, a playground, picnic areas with grills, a resort-style swimming pool and a coffee lounge. The previous owner has renovated 20% of the units currently and Carroll will implement a value add business plan to renovate the remaining 80% which will include stainless steel appliances, resurfaced countertops, wood flooring, new lighting and hardware fixtures. Carroll will also be adding a dog park, as well as enhancing the clubhouse and pool areas.
Carroll continues to be one of the most active buyers in the country. So far in 2014, the company has purchased fourteen multifamily properties valued at over $570 million. The company sourced many of its deals “off-market” directly from developers and owners, and is recognized within the brokerage community as a go-to buyer that performs.
About Carroll Organization: Carroll Organization is among the leading privately-held real estate companies in the United States. Founded in 2004 and based in Atlanta, Carroll Organization focuses on multifamily properties, including acquisitions, property and asset management services, and fund management. The firm has raised over $545 million of equity through Carroll Organization sponsored funds and joint ventures, and its current investment portfolio is valued in excess of $1.7 billion. Carroll Organization’s regional offices are located in Houston and Miami. Today, the company manages approximately 16,500 multifamily units in six states and has purchased other multifamily owner/operators throughout the U.S. The firm has also developed student housing, single-family residential and retail properties, and has overseen $40 million of construction management for both its owned and fee partners. From due diligence to execution, Carroll Organization has the internal capabilities and the external relationships to identify, underwrite, and close transactions.
About Goldman Sachs Asset Management: Goldman Sachs Asset Management is the asset management arm of The Goldman Sachs Group, Inc. (NYSE: GS), which oversees $1.15 trillion in assets under supervision as of September 30, 2014. Goldman Sachs Asset Management has been providing discretionary investment advisory services since 1988 and has investment professionals in all major financial centers around the world. The company offers investment strategies across a broad range of asset classes to institutional and individual clients globally. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.