Atlanta—Carroll Organization has acquired a three-property multifamily portfolio consisting of apartment complexes in three different Southeastern states. All together, the portfolio includes 1,937 units in Alabama, North Carolina and Tennessee, expanding the company’s presence in that part of the country.
The three properties are Colonial Village at Inverness, Greenbrook and Colonial Village at Charleston Place, in Birmingham, Memphis and Charlotte, respectively. In keeping with the brand identity of the company’s national portfolio, the properties will be renamed Arium Inverness, Arium Shelby Farms and Arium McAlpine Creek.
Carroll says that it will make improvements to each property. The work will include landscaping improvements, workout facility expansions, structural enhancements, and interior redesigns. The resident lounge and pool area will be upgraded as well.
According to Carroll Organization, each property is located near transit corridors, retail centers, and employment drivers. For example, Colonial Village at Inverness is near Birmingham’s Hwy. 280 corridor (US 280), which has been a major nexus of commercial and residential growth in recent years. In Charlotte, the two-mile radius from Charleston Place offers over 1.2 million square feet of neighborhood retail centers.
The properties in Birmingham and Memphis represent the company’s first forays in those markets, and the Charlotte property adds to its presence there. So far in 2014, Carroll Organization has purchased eight multifamily properties valued at over $350 million. The company sources many of its deals off market, such as the three-building portfolio, directly from developers and owners.