Source: Carroll Organization / #Apartments #Multifamily
ATLANTA, GA – The Carroll Organization announced that it has acquired Belle Isle Apartments in Atlanta, GA. Belle Isle, a 212-unit community is located in Atlanta’s prestigious Buckhead submarket. Following Carroll’s ARIUM brand, Belle Isle will be rebranded as ARIUM Chastain and managed by Carroll Management Group.
“From an economic growth perspective, Atlanta is a market we want to invest in for the long-term. All the key elements for companies to attract and retain top talent are here and it’s creating demand for our communities, said M. Patrick Carroll, Founder and Chief Executive Officer of Carroll Organization. “Belle Isle is our third investment in the Atlanta area this year and the second located in the Buckhead submarket. When you have a property that combines excellent value-add potential paired with a great location, we know both our residents and investors will benefit.”
Belle Isle is located between Atlanta’s two largest employment centers, the Buckhead Central Business District and the Central Perimeter, each of which are only minutes away. The property is right off Roswell Road, one of the most heavily traversed roads in the city. Additionally, Chastain Park is located one mile south of Belle Isle and is one of Atlanta’s largest and most picturesque municipal parks. The park is home to a large amphitheater, an 18-hole public golf course, swimming pool, tennis center and a 3-mile jogging/walking trail. Average household income within a one mile radius of Belle Isle exceeds $108K, while average housing value exceeds $622K. Carroll plans to implement interior upgrades to each unit and exterior enhancements to the property which include expanding the fitness center, updating the pool, and improving the landscaping.
The purchase of Belle Isle is the eighth multifamily acquisition for Carroll in 2015. With this transaction, Carroll has completed over $356 million in acquisitions this year and continues to actively purchase high-quality multifamily communities in the Southeast and Texas. Carroll sourced many of its deals “off-market” directly from developers and owners, and is recognized in the industry as an owner that executes at each stage of the investment life cycle.