Source: The Carroll Organization / #Apartments #Multifamily
SAVANNAH, GA - The Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management, and development, has acquired a stake in The Trellis, a 264-unit, garden style multifamily property located in the Georgetown area of Savannah, GA.
The transaction represents a recapitalization of the asset for Charter Development Co., Inc. of Auburn, AL. The Trellis was completed in 2010 and is of the highest-quality assets in the southwest of Savannah’s historic downtown area.
“This transaction presented a terrific opportunity to own a high quality apartment asset in Savannah together with a seasoned partner,” said M. Patrick Carroll, Founder and Chief Executive Officer of the Carroll Organization. “There is limited quality rental inventory in this desirable neighborhood and we feel that The Trellis is well positioned to benefit from strong demand as the local economy continues to rebound. This deal also demonstrates our capability to source deals through structures other than the traditional acquisition model.”
Nestled within a park-like 20 acre site, The Trellis is comprised of 11 buildings that sit among three green areas, in the shadows of stately oak trees, reminiscent of those found in Savannah’s downtown historic neighborhoods. Adding to the historic feel, the clubhouse and the apartment buildings use a unique color palette and design with deep balconies and stucco roof parapets. Among the many amenities offered at The Trellis are private garages; nature and jogging trail; park-like open areas with verdant landscaping and monumental oak trees; a clubroom with pool table; state of the art fitness center; internet café; tanning beds; open outdoor fire hearth; gas grills; and a grand pool deck that is ideal family gatherings.
In addition to the recapitalization of The Trellis, the Carroll Organization has acquired over $700 million in multifamily properties located throughout Texas, Florida, Georgia, and Tennessee over the first eight months of 2013. The company sourced many of its deals “off-market” directly from developers, and is recognized within the brokerage community as a go-to buyer that performs.