By Jeffrey Steele, Contributing Editor
Atlanta—Roseview Winn Residential Fund 1 has acquired Carroll at Bethesda Park, a 222-unit luxury apartment community in the desirable Lawrenceville submarket of Atlanta’s Gwinnett County. Because the 13-year-old property is located near 159-acre Bethesda Park, it offers the feel of a secluded community.
The property represents the fund’s first acquisition in Atlanta. The Roseview Winn Residential Fund I was established in 2013. It is a partnership with the Roseview Group’s Evergreen Fund, a discretionary real estate separate account with a major U.S. pension fund. Roseview Winn Residential I is an exclusive partnership established to concentrate on investments in Class B and C multifamily properties that feature 150 units or more.
Carroll at Bethesda Park is a gated property featuring eight buildings offering expansive one-, two- and three-bedroom floor plans ranging from 840 to 1,852 square feet in size. The units offer designer interiors, 9-foot ceilings, full size washer-dryer connections, gourmet kitchens, intrusion alarms and attached garages.
In select units, residents can benefit from walk-in pantries, vaulted ceilings, garden tubs, oversized walk-in closets, wood-burning fireplaces, private driveways and private patios or balconies.
Common-area amenities of the community include resort-style saltwater pool, sundeck, 1-1/2-acre common area with grills and picnic area, lighted tennis court, fitness center and business center and accompanying coffee bar.
“We are very pleased to have Carroll at Bethesda Park join Winn’s Atlanta portfolio,” WinnDevelopment vice president Brett Meringoff says. “Its location in such a strong submarket with retail and recreational amenities, as well as great access to major employment centers, makes it an extremely attractive and valuable asset.”
Adds Nigel Keenan, partner in The Roseview Group: “Atlanta is a high-performing market right now for multifamily development. As a conveniently located property, Carroll at Bethesda Park is well-positioned to be highly competitive and successful in the region, especially due to the lack of supply in this area.”
Carroll at Bethesda Park is the lone luxury rental alternative along the Ronald Reagan Parkway linking the Lilburn area with Snellville in Gwinnett County.
Bethesda Park offers playgrounds, aquatic center, recreational playing fields and courts. A consistent Metro Atlanta leader in employment and population growth over the past decade, Lawrenceville continues to draw top corporations as well as individuals seeking convenient lifestyles. Carroll at Bethesda Park is situated in close proximity to the research facilities of the University of Georgia, as well as other higher education resources.
The partnership of WinnCompanis and The Roseview Group plans to finish strategic apartment upgrades incorporating higher-quality hardware and finishes. In addition, the community amenities will be improved, exterior aesthetic work performed, and landscaping efforts undertaken. The community will be given a rebranding as Park156.
Carroll at Bethesda Park is the second acquisition for the fund in the past three months.