ATLANTA, GA – Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management and development announced today that it has completed the sale of two properties in its national real estate portfolio: ARIUM Edgewater located in Houston, Texas and ARIUM Trellis in Savannah, Georgia. Edgewater was purchased in 2012, and Trellis was purchased in 2013.
“A large part of our success with these investments stems from our ability to source investment opportunities off-market. Our deep relationships with owners and developers in our markets continue to be a valuable differentiator for our firm,” said M. Patrick Carroll, Founder and Chief Executive Officer of Carroll Organization. “We found a unique investment opportunity with Trellis to recapitalize a development and Edgewater presented a tremendous opportunity to buy well below market comps and run a light value add business plan to improve the asset’s performance. We produced solid returns for our partners and investors which further demonstrate that our firm delivers on our full cycle investment plans.”
Over the last 12 months, Carroll has successfully exited 11 assets valued over $340 million, including these two transactions. The investments have produced an average IRR of 35%; the investments also had an average hold period of approximately 24 months. Carroll continues to be one of the most active multifamily owner/operators in the country. In 2014, the company purchased fifteen multifamily properties valued at over $615 million and started this year with the acquisition of a Class A property in Raleigh/Durham, North Carolina. The company is recognized within the industry as an owner that executes across each dimension of its vertically integrated platform.
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 provides investment vehicles for a broad range of investors to access the multifamily real estate asset class and has raised over $650 million of equity through Carroll Organization sponsored funds and joint ventures. Carroll has successfully purchased and developed over $2 billion of real estate. Carroll Organization's regional offices are located in Houston and Miami. Today, the company manages approximately 17,000 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 $50 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. For more info, visit www.CarrollOrganization.com.