Carroll Acquires Two Multifamily Properties in Atlanta for $175M
ATLANTA — Atlanta-based Carroll has acquired two new multifamily properties in northeast Atlanta called The Artisan and Berkshires at Lenox Park for a combined purchase price of $175 million. Carroll paid $245,000 per unit with a total of 715 units between the two properties, according to the Atlanta Business Chronicle. The seller(s) was not disclosed.
Both properties were acquired through Carroll’s institutional investment vehicle, Carroll Multifamily Venture VI LP. The Artisan and Berkshires at Lenox Park will also be managed by Carroll. Ashish Cholia, Colleen Hendrix, Don Hoffman and Shea Campbell of CBRE represented the seller of Berkshires at Lenox Park.
The Artisan, which will rebranded as Arium Peachtree Creek, is a 340-unit garden-style community located off Interstate 85 and near Buford Highway. Located at 3001 Northeast Expy, the Artisan is 11.8 miles from downtown Atlanta. The property offers one-, two- and three-bedroom floorplans with walk-in closets, hardwood floors and in-unit washer and dryers. Community amenities include a pool, fitness center and a community business center.
Berkshires at Lenox Park, which will be rebranded as Arium Lenox Park, is a 375-unit property located at the intersection of the Atlanta neighborhoods of Brookhaven and Buckhead. The property offers one-, two- and three-bedroom floorplans with stainless steel appliances, granite countertops, walk-in closets and nine-foot ceilings. Community amenities include a pool, fitness center, business center and community BBQ and picnic areas. Located at 2124 Gables Dr., the property is located close to Lenox Park.
Following the acquisition, Carroll plans to renovate both communities. The company plans to completely remodel Arium Lenox Park, including a complete repositioning of all interiors, amenities, common areas and exteriors.