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Atlanta-based Carroll Organization has gobbled up a big block of apartments throughout the Southeast, including a property near The Battery at SunTrust Park.
The company purchased a three-property portfolio from North Carolina-based Hawthorne Residential Partners for an undisclosed sum. Those properties include apartments in Charlotte and Nashville that were formerly branded as Hawthorne apartments, as well as Hawthorne Wildwood, a 312-unit project in Marietta off Powers Ferry Road.
All three apartment complexes have been rebranded as the Arium. Hawthorne purchased the Atlanta property in 2016 for around $40M, according to Atlanta real estate research firm Databank.
“This investment presented a unique opportunity to acquire three solid value-add properties in three of the most desirable markets in the Southeast — Atlanta, Charlotte and Nashville — all of which are experiencing high job and population growth and driving strong apartment fundamentals,” Carroll CEO M. Patrick Carroll said in a release. “The outlook for these markets remains strong going forward due to their diverse economies, favorable business climates, relatively low cost of living and overall quality of life.”
The purchase comes less than a year after Carroll announced a partnership with PGIM, the asset management arm of Prudential Financial, to invest in suburban apartment communities throughout the Southeast. Carroll President Josh Champion previously told Bisnow the partnership would focus on apartments near major employers with rents appealing to households earning 80% to 100% of an area's median income.
It was unclear if the Hawthorne portfolio was purchased as part of this partnership. Carroll officials said the properties are being held under the firm's Carroll Multifamily Real Estate Fund V.
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