Carroll, Goldman Sachs JV Buys Luxe Apartment Community
- Mar 19, 2015
Carroll Organization, in a joint venture with AIMS Real Estate, a Goldman Sachs Asset Management business unit, has acquired The Manor at Buckhead, a 301-unit luxury Class A multi-family community in Carroll’s home town of Atlanta, the companies announced Tuesday.
Financials on the transaction, which closed on March 11, a Carroll spokesperson told Commercial Property Executive, were not disclosed. The apartment complex, at 3558 Piedmont Road NE, will be managed by Carroll Management Group.
The complex was completed in 2000 and comprises 122 one-bedroom units, 130 two-bedroom units and 49 three-bedroom units, with rents ranging from $1,150 to $3,123 a month, according to the spokesperson.
It also includes a three-story, 12,000-square-foot clubhouse (pictured) with a self-serve coffee bar, wood-paneled reading room, business center, private conference room, catering kitchen, billiards room, private cigar lounge with poker table, movie theater and fitness center. Other amenities include a resort-style swimming pool and outdoor grilling areas.
Carroll plans to enhance the clubhouse and fitness center, as well as upgrade apartment features, including new appliances, granite countertops, and updated lighting and hardware.
“Our portfolio has been growing extensively in the Southeast, and we are thrilled to be adding a trophy asset like The Manor at Buckhead,” founder & CEO M. Patrick Carroll said in a release. “Atlanta’s rental market has experienced tremendous rent and revenue growth over the past two years and we project that momentum to continue.”
In late January, Carroll announced that it had acquired Pinnacle Ridge, a 350-unit apartment community two miles from Duke University in Durham, N.C., in a JV with W.P. Carey’s managed non-traded REIT, CPA:18 – Global, and Silverpeak Real Estate Partners.
Carroll planned to start the rebranding process by renaming the property ARIUM Pinnacle Ridge. The previous owners reportedly had upgraded the interiors of 99 units, and Carroll plans to renovate the remaining 251 with stainless-steel appliances, resurfaced counters, and upgraded plumbing and lighting fixtures.
The total value of the two transactions, according to the latest announcement, is more than $110 million.