ATLANTA, GA – Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management, and development announced that it has completed the sale of the apartment community ARIUM McAlpine Creek in Charlotte, NC. This is the first property sale from its investment vehicle, Carroll Multifamily Real Estate Fund III, LP. Carroll originally purchased this 214-unit property in July 2014.
“ARIUM McAlpine Creek represented an opportunity to acquire a high-quality asset with excellent visibility in a high growth corridor of South Charlotte, featuring walkable access to the McAlpine Creek Greenway, Charlotte’s first public greenway trail” said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. “Throughout our ownership, we experienced tremendous organic rent growth and were recently able to prove out a value-add business plan through upgrades to the interiors and amenities. After a two year hold period, we elected to sell the asset to realize significant profits for our investors.”
"We are pleased to have partnered with Carroll Organization in the McAlpine Creek multifamily investment. The well-located property was acquired at attractive pricing, and Carroll’s successful execution of the business plan has provided the opportunity to execute an opportunistic disposition and realize an attractive return for our investors," added Robert Davies, Principal with The Townsend Group.
ARIUM McAlpine Creek offers a lifestyle of comfort and distinction nestled in forested surroundings. The community is located in southeast Charlotte with direct and convenient access to Charlotte’s largest employment centers: Uptown, SouthPark, and Ballantyne. It is less than 2 miles away from a large neighborhood retail center and McAlpine Creek Park, a 114-acre park featuring a lake, dog park, soccer fields, and bike/nature trails. Throughout the hold period, Carroll’s business plan included improving net operating income by reducing and controlling expenses, increasing rents, and maintaining strong occupancy.
To date, Carroll has successfully exited seventeen assets valued over $575 million, including this transaction. The investments have produced an average IRR of 32%. Carroll has purchased twenty-six properties totaling over $1.2 billion since the beginning of 2015 and is continuing to actively purchase high-quality multifamily communities in the Southeast and Southwest, and other strategic target markets across the country. Carroll sourced many of its deals “off-market” directly from developers and owners, and is recognized in the industry as a best in class renovator and operator.
Source: Carroll Organization / #Apartments #Multifamily