Carroll Organization Expands Atlanta Portfolio with Prominent Infill Asset

  • Monday, July 17, 2017

 

Atlanta, GA — Carroll Organization, one of the country's leading privately-held real estate companies focused on multifamily investment, management, and development announced today that it has acquired Peninsula at Buckhead in Atlanta, GA. The property will be held by Carroll Multifamily Real Estate Fund IV, LP. and managed by Carroll Management Group.

 

"Peninsula is a premier asset, centrally-located at one of the most prominent corners in Atlanta – Piedmont Road and Sidney Marcus Boulevard – which will only continue to improve over time. The asset is differentiated from an amenity standpoint, as it features an expansive rooftop amenity deck which is currently underutilized and will be the focus of our capital plan, along with renovations to the unit interiors," said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. "Peninsula is a true ‘restore-to-core' investment that we acquired at a significant discount to replacement cost and anticipate holding long term."

 

Peninsula at Buckhead is a 311-unit mid-rise property built in 2008 which includes 10,000 square feet of ground-level retail space. The community has unrivaled amenities including a large rooftop amenity deck with resort-style swimming pool and private cabanas, fitness center, bocce court, multiple grilling stations, gathering spaces, and a remodeled clubhouse. It is located just minutes from the Buckhead and Midtown office markets, restaurants and nightlife, as well as the Lenox and Phipps Plaza shopping malls. The property has convenient access to GA-400 and I-85 and is within a five-minute walk to the Lindbergh MARTA station.

 

Carroll has now purchased twenty-four properties totaling over $1.3 billion since the beginning of 2016 and is continuing to actively purchase high-quality multifamily communities in the Southeast and Southwest, and other strategic target markets across the country. Carroll sourced many of its deals "off-market" directly from developers and owners, and is recognized in the industry as a best in class renovator and operator.