Local multifamily investor CARROLL purchased two northeast Atlanta apartment communities, the Artisan and Berkshires at Lenox Park, for a combined purchase price of $175 million.
The properties comprise 715 units and were acquired through CARROLL’s latest institutional investment vehicle, Carroll Multifamily Venture VI LP. CARROLL will manage them, and they will be rebranded under the “ARIUM” name. The acquisitions follow other recent multimillion-dollar deals for multifamily properties in Atlanta by local as well as out-of-state investors.
The Artisan, which will be rebranded as ARIUM Peachtree Creek, is a 340-unit garden-style community located off I-85, while Berkshires at Lenox Park, which will be rebranded as ARIUM Lenox Park, is a 375-unit property situated at the intersection of the Brookhaven and Buckhead neighborhoods. CARROLL plans to renovate both communities after the transaction closes. According to a press release, 100% of ARIUM Lenox Park’s units are primed for renovations, which will include complete repositionings of interiors, amenities, common areas and exteriors.
“Atlanta continues to be one of our most sought-after markets for investment due to its supply/demand dynamics, strong population and job growth, relative affordability and educated workforce,” M. Patrick Carroll, founder and CEO of CARROLL, said. “Since inception, we have invested more than $2.3 billion into the local community, and we hope to continue serving and growing the market by investing in the active, growing areas for years to come.”
The acquisitions follow CARROLL’s October acquisition of 935M by ARIUM, a 282-unit community in Atlanta’s West Midtown. CARROLL’s Atlanta holdings now comprise 18 properties with 6,500 units representing $1.7 billion in assets under management. Thus far in 2021, CARROLL has closed 20 acquisitions and 30 dispositions that altogether total $4.2 billion in transaction volume, the company said.