Driven by the sale of two Georgia apartment complexes,
the Atlanta-based real estate investment company CARROLL, under CEO M Patrick
Carroll reported strong financial results in the second quarter of 2021.
The sale of two premier apartment communities in suburban
Atlanta follows CARROLL’s longstanding investments in southeastern United
States real estate. M Patrick Carroll, the company’s founder, and CEO, who managed the sales,
predicts that the business will continue to see strong returns throughout the
remainder of 2021 and beyond.
Sales
Feature Two Top Gated Apartment Communities
Each of the recently sold apartment communities are
gated garden-style complexes. They stand out within Atlanta’s numerous
multi-family communities that are a fixture on the perimeter of the highway
network that connects Atlanta’s metro area.
Here’s a closer look at each complex.
ARIUM
Station 29
Located in central Tucker, Georgia, ARIUM Station 29
contains 217 apartment units. The community is located on the eastern side of
Northlake, one of the region’s most high-growth office submarkets. Northlake
has 19.5 million square feet of space and attracts businesses in multiple
industries and of varied sizes.
The apartment community is close to some of the most
frequented expressways – I-285, I-85, and I-75. It’s also close to the area’s
varied and acclaimed shopping, entertainment options, and restaurants.
ARIUM
Dunwoody
This community features 227 apartments in the city of
Dunwoody, located inside of I-285 and a short drive to GA-400. ARIUM Dunwoody
is only two miles from Central Perimeter, which is considered Atlanta’s largest
office submarket. The apartment complex is also close to several of Atlanta’s
largest employment centers. Dunwoody also features a strong public school
system.
CARROLL initially invested in the properties due to
their value-add potential and locations near core employment centers and strong
schools. Real estate expert M Patrick Carroll indicated
that the properties features strong performance and exceeded company expectations.
During the two and a half years CARROLL held the
properties, the company invested in a value-add business strategy that says
multiple upgrades to interiors and exteriors. Amenities were added to attract
potential tenants in Atlanta’s highly competitive housing market for
multi-family properties.
M Patrick Carroll opted to sell the properties after
completing an extensive market analysis that indicated a favorable return for
the company’s financial backers. Carroll expects that additional property transactions
will close in the coming months, adding to the company’s strong second-quarter
returns.
Suburban
Resurgence Under Way
Carroll predicts strong growth in suburban multifamily
residential real estate. That’s a reversal from the trend following the Great
Recession, which saw a migration back to urban areas.
The shift is partly due to the ongoing COVID-19
pandemic. To capitalize on the suburban migration, Carroll has advised
investors to look for properties that invest in the amenities that families are
seeking today – in-unit home office spaces, strong Internet connectivity and
wireless access in units and common areas, and accommodations for small
families with pets and young children.
About
M Patrick Carroll
M Patrick Carroll began his career in real estate
investment in his early 20s. He launched CARROLL in 2004. Today, the
company has acquired more than $2.7 billion in equity through sponsored funds
and joint ventures.
