CARROLL Completes Sale of Birmingham Multifamily Property
Atlanta, GA – CARROLL, a national real estate investment company, announced today that it has completed the sale of ARIUM Lakeshore in Birmingham, AL. This property was initially acquired off-market four years ago as part of a two-property portfolio. This property was a part of Carroll Multifamily Real Estate Fund III, LP and managed by CARROLL.
“We initially acquired ARIUM Lakeshore off-market directly from the developer during its initial lease-up, as part of a larger portfolio in Alabama,” said M. Patrick Carroll, Chief Executive Officer of CARROLL. “This transaction marks the full realization of the portfolio after a four-year hold period. We are pleased with the successful closing and strong returns for our investors.”
ARIUM Lakeshore is a 288-unit gated community located just minutes from Downtown Birmingham, University of Alabama Birmingham, and Sanford University. It offers residents close proximity to major employers, award-winning medical facilities, championship golf courses and luxury shopping. ARIUM Lakeshore’s amenities include a resort-style saltwater pool, 24-hour fitness center, outdoor lounge and fire pit, and dog park. The apartment homes feature granite countertops, stainless steel appliances, walk-in closets, rainfall shower heads, garden tubs, and attached garages in select units.
To date, CARROLL has successfully exited seventy-two assets valued over $3.4 billion, including this transaction. The investments have produced an average IRR of 27%. To date in 2019, CARROLL has now sold twelve properties totaling over $665 million and purchased ten properties totaling over $500 million. CARROLL is continuing to actively acquire high-quality multifamily communities in the Southeast, Southwest, Mountain West, 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.