How to Acquire a Trophy Asset
One of the country’s leading real estate companies announced the acquirement of The Manor at Buckhead.
By Andie Lowenstein, Associate Editor
The privately held Carroll Organization, focused on multifamily investment, management and development, announced the joint venture with AIMS Real Estate, a business unit within Goldman Sachs Asset Management. The Manor at Buckhead, a luxury Class A 301-unit community, is located in the heart of the vibrant and established Buckhead submarket in Atlanta. The community will be managed by Carroll Management Group.
“Our portfolio has been growing extensively in the Southeast, and we are thrilled to be adding a trophy asset like The Manor at Buckhead,” said M. Patrick Carroll, founder and chief executive officer of Carroll Organization. “Atlanta’s rental market has experienced tremendous rent and revenue growth over the past two years and we project that momentum to continue. The acquisition of the Manor is a key component to our multifamily investment strategy focused on acquiring the highest quality assets in established markets that show measurable growth over the next several years.”
Buckhead is one of Atlanta’s most desirable neighborhoods situated between the business district and high-end residential neighborhoods. The average household income in the area is more than $115,000, twice the national average, and the average home value surrounding the property is more than $600,000. The Manor’s residents are offered the real urban live-work-play environment. The proximity and walkability of restaurants, shopping centers and nightlife all meet renter demands of the Buckhead area. One will find the Lenox Square Mall, Phipps Plaza and the newly developed Buckhead, Atlanta just minutes away from the community.
The property showcases a 12,000 square foot clubhouse, parking under each building, a state of the art fitness center, extensive landscaping, a resort-style swimming pool and excellent amenities to enhance the resident experience. The Manor’s floorplans are amid the biggest and most well-designed in the submarket. Carroll plans to further develop the clubhouse and fitness center and upgrade the apartment interiors to include new appliances, granite countertops and updated lighting and hardware.
Carroll continues to hold the title as one of the most active multifamily owner/operators in the country. This is the second acquisition of 2015 with a combined value of more than $110 million and the company has now exited properties worth more than $340 million. In 2014, Carroll purchased 15 multifamily properties valued at more than $615 million. The company sourced many deals “off-market” directly from developers and owners, and is known within the industry as an owner that performs at each state of the investment life cycle.