Carroll Organization Acquires 308-Unit Apartment Community in Lawrenceville, Ga.
Carroll Organization, an Atlanta-based multifamily real estate firm, acquired Camden Sweetwater Apartments, a 308-unit luxury community to be rebranded as ARIUM Sweetwater in Lawrenceville, Ga.
By Keith Loria, Contributing Writer
Lawrenceville, Ga.—Carroll Organization, an Atlanta-based multifamily real estate firm, acquired Camden Sweetwater Apartments, a 308-unit luxury community to be rebranded as ARIUM Sweetwater in Lawrenceville, Ga.
“What was attractive about this property was its location of community within the improving submarket, opportunity of value add with moderate interior upgrades and comprehensive amenity package,” Josh Champion, Carroll Organization’s president of investments, tells MHN. “Gwinnett County is investing significant money into the roads, sidewalks, retail and mall.”
The acquisition was part of a joint venture with Phoenix Capital Partners.
“We found this to be a compelling opportunity given the price per unit and purchase cap rate, combined with 10-year fixed, low rate agency financing which should allow for a very attractive current yield,” Andrew F. Scott, Phoenix Capital’s managing director of acquisitions, tells MHN. “With planned unit interior upgrades and general market rent growth, we feel very good about future upside for this community while maintaining favorable downside risk protection.”
The Camden Sweetwater Apartments is Carroll Organization’s 11th multifamily acquisition within the past 18 months. Carroll Organization was founded in 2004 and manages more than 10,000 multifamily units in the United States. The company’s current investment portfolio is valued at more than $250 million.
“This acquisition fits perfectly with our investment strategy; acquiring below replacement cost, value-add renovations, and attractive financing to generate exceptional returns for our investors,” Champion says. “We are actively looking for strategic acquisitions in target markets across the United States.”
Located at 3355 Sweetwater Road, ARIUM Sweetwater units feature open floor plans and designer details, including arched doorways, nine-foot ceilings, crown molding, built in bookshelves and garden tubs.
Community wide, amenities include a high-tech Cardio Strength training fitness center, Wi-Fi computer/coffee lounge and a resort-style pool with outdoor kitchen.
“We plan on making interior renovations, upgrading appliances, counter tops and replacing all plumbing and electrical fixtures,” Champion says.
Carroll Management Group, an affiliate company, will be managing the new acquisition.
“Arium Sweetwater offers outstanding convenience to the area’s primary retail district, Gwinnett Place, Gwinnett Center Arena and Discover Mills Mall,” Champion says. “It’s also convenient to Interstate 85 to access downtown, Midtown and Buckhead.”
