Charlotte Apartments Change Hands
- Aug 30, 2016
Carroll Organization has sold ARIUM McAlpine Creek, a 214-unit apartment community in Charlotte, N.C., on behalf of its investment vehicle, Carroll Multifamily Real Estate Fund III, LP.
It originally acquired the property in July 2014. The buyer was not disclosed.
“ARIUM McAlpine Creek represented an opportunity to acquire a high-quality asset with excellent visibility in a high growth corridor of South Charlotte, featuring walkable access to the McAlpine Creek Greenway, Charlotte’s first public greenway trail,” M. Patrick Carroll, Carroll Organization’s CEO, said in a statement. “Throughout our ownership, we experienced tremendous organic rent growth and were recently able to prove out a value-add business plan through upgrades to the interiors and amenities. After a two-year hold period, we elected to sell the asset to realize significant profits for our investors.”
The Townsend Group partnered with the Carroll Organization on the investment. Carroll’s business plan included improving net operating income by reducing and controlling expenses, increasing rents, and maintaining strong occupancy.
“The well-located property was acquired at attractive pricing, and Carroll’s successful execution of the business plan has provided the opportunity to execute an opportunistic disposition and realize an attractive return for our investors,” said Robert Davies, The Townsend Group’s principal.
Located at 1700 Charleston Place Lane, ARIUM McAlpine Creek offers convenient access to Charlotte’s largest employment centers: Uptown, SouthPark, and Ballantyne. It is located less than two miles from a large neighborhood retail center and McAlpine Creek Park, a 114-acre park featuring a lake, dog park, soccer fields, and bike/nature trails.
Including this transaction, Carroll has successfully exited 17 assets valued at more than $575 million. The investments have produced an average IRR of 32 percent.