By IvyLee Rosario
Carroll Organization has disposed of two multifamily communities in Kennesaw, Ga., to The Townsend Group, ARIUM Kennesaw and ARIUM Kennesaw Villas. The firm purchased the properties in 2015 as part of Carroll Multifamily Real Estate Fund III LP and managed both through Carroll Management Group.
“We were initially attracted to ARIUM Kennesaw and ARIUM Kennesaw Villas due to the properties’ high-quality construction, functional floor plans, and most importantly, its walkability to Kennesaw State University, Georgia’s third largest university with 35,000 students,” said M. Patrick Carroll, chief executive officer of Carroll Organization. “We experienced tremendous occupancy and organic rent growth at both properties during our ownership, but we felt it was an opportune time to sell and realize significant profits for our Fund III investors.”
Luxury Meets Convenient Location
Located at 3900 George Busbee Pkwy NW, the 1989-built ARIUM Kennesaw features 324 units across one- and two-bedroom floorplans. Carroll Organization purchased the property from McDowell Properties for $29.3 million and the sale was subject to a $3.5 million loan held by Freddie Mac. Apartments range from 574 to 1,114 square feet among 18 two- and three-story buildings. Interior features include washer/dryer hookups, high ceilings, fireplaces and private balcony/patios. Residents have access to amenities such as:
- fitness studio
- clubhouse
- clothes care center
- lighted tennis and basketball courts
- complimentary Wi-Fi
- resort-style swimming pool
- outdoor gourmet kitchen with barbecue grills
- 700 parking spaces
- outside storage
Situated on 30 acres at 3780 Town Crossing Blvd., the 200-unit ARIUM Kennesaw Villas offers one-, two- and three-bedroom floorplans ranging from 760 to 1,544 square feet, spread out across 11 two- and three-story buildings. Carroll Organization purchased the asset from McDowell Properties for $22.7 million. The apartments include features such as sunrooms, fireplaces, wood flooring, upgraded kitchens, washer/dryer hookups, patios, garden tubs and vaulted ceilings. Common area amenities include:
- pool with sundeck
- 24-hour fitness center
- tennis court
- laundry facilities
- 450 parking spaces
- detached garages
- outside storage
“We are pleased to have invested with Carroll Organization in ARIUM Kennesaw and ARIUM Kennesaw Villas. This investment provided an opportunity to acquire two well located properties within a dynamic submarket at attractive pricing,” said Robert Davies, principal with The Townsend Group. “Carroll did an excellent job of executing our venture’s business plan, enhancing the properties’ income through various value-add initiatives, allowing us to realize an attractive return for our investors.”
Both communities are located around 30 minutes north of Atlanta. The properties offer convenient access to local restaurants, shopping and recreation.
Image courtesy of Carroll Organization
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