CARROLL has acquired ARIUM Winters Chapel, a 592-unit community in Doraville, Ga., financing the purchase with a $85.3 million loan from CBRE Investment Management. The floating-rate note, having an initial term of three years with a two-year extension, will also fund the sponsor’s business plan. The seller was InterCapital Group, according to Yardi Matrix data. CBRE Vice Chairman Robert Kadoori secured the financing.
ARIUM Winters Chapel represents CARROLL’s latest addition to its local portfolio. In December, the company acquired two assets totaling 715 units in northeast Atlanta for $175 million. According to a recent Yardi Matrix report, Atlanta’s multifamily market had a strong performance in 2021, with transactions posting the strongest year in at least a decade.
Community slated for improvements
The Class A community, formerly known as Jasmine at Winters Chapel, comprises one-, two- and three-bedroom apartments averaging 799 square feet. Interiors feature resurfaced cabinets, private balconies and hardwood-style flooring, as well as washers and dryers in select units. Common-area amenities include a fitness center, a soccer field, a playground, a clubhouse, a business center, two swimming pools and two dog parks, among others. CARROLL plans interior and exterior renovations at the 1985-built property, CBRE IM Managing Director Charles Kim said in a prepared statement.
Situated on more than 42 acres at 4335 Winters Chapel Road, the asset is approximately 17 miles from downtown Atlanta, with access to interstates 85 and 285. Dining and retail options are available along Buford Highway and Peachtree Industrial Boulevard.