October 21, 2020
Privately held real estate company Carroll has acquired three multifamily communities in Atlanta for a combined purchase price of approximately $220 million. The three communities are Cascade at Morgan Falls, The Fountains at Morgan Falls and The Columns at Bentley Manor. All three assets were acquired through Carroll’s institutional fund vehicle, Carroll Multifamily Venture VI LP.
The Cascade at Morgan Falls and the Fountains at Morgan Falls communities in Atlanta’s Sandy Springs neighborhood will be combined under a new name, ARIUM Morgan Falls. The two communities are adjacent, garden-style communities, with 1,180 units total. The Columns at Bentley Manor, which will be rebranded as ARIUM on Bentley, is a 418-unit garden-style, gated apartment community located in the Atlanta suburb of Marietta.
“At Carroll, we believe in the long-term demand for each of these locations due to their relative affordability, proximity to local freeways and employment hubs, good schools, and the fundamentals of Atlanta’s strong, diversified economy, which has been highlighted by its resiliency through the pandemic,” said Casey Barber VP of investments at Carroll. “We’re always looking to invest in active, growing areas with good macroeconomic tailwinds, and believe these communities strongly deliver.”
The seller was not disclosed.
For comments, questions or concerns, please contact David Cohen