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 acquired The Manor at Buckhead in joint venture with AIMS Real Estate, a business unit within Goldman Sachs Asset Management. The Manor at Buckhead, a luxury class-A 301-unit community is located in the heart of the vibrant and established Buckhead submarket. As a Carroll Community, The Manor at Buckhead will be managed by Carroll Management Group.
“Our portfolio has been growing extensively in the Southeast, and we are thrilled to be adding a trophy asset like The Manor at Buckhead,” said M. Patrick Carroll, Founder and Chief Executive Officer of Carroll Organization. “Atlanta’s rental market has experienced tremendous rent and revenue growth over the past two years and we project that momentum to continue. The acquisition of the Manor is a key component to our multifamily investment strategy focused on acquiring the highest quality assets in established markets that show measurable growth over the next several years.”
The Manor is located in Buckhead, one of Atlanta’s most desirable neighborhoods centered directly between the business district and high-end residential neighborhoods. Average household income in the area is over $115,000, twice the national average, and average home value surrounding the property is over $600,000. Residents at The Manor are offered the true urban live-work-play environment. The walkability and proximity to nearby restaurants, shopping centers and nightlife attractions all contribute to the renter demands of the Buckhead area. Lenox Square Mall, Phipps Plaza and the newly developed, Buckhead Atlanta are all minutes away from the community.
The property itself has a 12,000 square foot clubhouse, parking under each individual building, a state of the art fitness center, extensive landscaping, resort style swimming pool and excellent amenities that enrich the resident experience. The Manor’s floorplans are among the biggest and most well-designed in the submarket. Carroll plans to enhance the clubhouse and fitness center, as well as upgrade interior apartment features including new appliances, granite countertops and updated lighting and hardware.
Carroll continues to be one of the most active multifamily owner/ operators in the country. This is the second acquisition of 2015 with the combined value of over $110 million and the company has now exited properties worth over $340 million. In 2014, the company purchased fifteen multifamily properties valued at over $615 million. Carroll sourced many of its deals “off-market” directly from developers and owners, and is recognized within the industry as an owner that executes at each stage of the investment life cycle.
Source: Carroll Organization / #Apartments #Multifamily