Carroll Grabs Third Atlanta Property in Four Months
- Jul 15, 2015
Atlanta—Carroll Organization got its hands on a community in a key market.
Belle Isle Apartments is a 212-unit community in Atlanta’s prestigious Buckhead submarket. Succeeding Carroll’s ARIUM brand, Belle Isle will be rebranded as ARIUM Chastain and managed by Carroll Management Group.
“From an economic growth perspective, Atlanta is a market we want to invest in for the long-term. All the key elements for companies to attract and retain top talent are here and it’s creating demand for our communities, said M. Patrick Carroll, founder and CEO of Carroll Organization. “Belle Isle is our third investment in the Atlanta area this year and the second located in the Buckhead submarket. When you have a property that combines excellent value-add potential paired with a great location, we know both our residents and investors will benefit.”
The community is situated between Atlanta’s two largest employment centers, the Buckhead Central Business District and the Central Perimeter, each of which is only minutes away. The property is just off of Roswell Road, one of the most heavily navigated roads in the city. Also, Chastain Park, one of Atlanta’s largest and most picturesque municipal parks, is just one mile south of Belle Isle. The park features a large amphitheater, an 18-hole public golf course, a swimming pool, tennis center and a three-mile jogging/walking trail. The average household income within a one mile radius of Belle Isle exceeds $108,000, and the average housing value exceeds $622,000. Carroll plans to complete interior upgrades to each unit and exterior enhancements to the property including fitness center expansion, pool renovations and landscaping improvements.
Belle Isle is the eighth multifamily acquisition for Carroll in 2015. With this transaction, Carroll accomplished over $356 million in acquisitions this year alone and continues to aggressively purchase high-quality multifamily communities in the Southeast and Texas. Carroll obtained many of its deals “off-market” directly from developers and owners, and is noted in the industry as an owner that performs at each stage of the investment life cycle.