Atlanta, GA – Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management, and development, with majority capital from American Property Holdings (“APH”), a portfolio company of Prospect Capital Corporation (NASDAQ: PSEC), today announced the acquisition of Bexley Apartments, a prime, 494-unit residential property situated at the epicenter of Cobb County’s two major thoroughfares, Cumberland and Kennesaw. The transaction marks Carroll Organization’s sixth major purchase in Atlanta, Georgia. American Property Holdings provided the Carroll Organization with a $9.5 million investment of equity. The Atlanta-based firm will continue to enhance the resident experience through hands-on management and capital improvements, and is rebranding the property “ARIUM 41” in keeping with the brand identity and values of the company’s rapidly growing national portfolio. The property is located off of Cobb Parkway (Hwy 41) and sits on 41 acres.
“We are delighted to announce our eighth major acquisition in Georgia,” said M. Patrick Carroll, Founder and Chief Executive Officer of Carroll Organization. “Bexley is one of the best located assets in Cobb County, an area with exceptional economic growth, a great school system, and a high quality of life. The property benefits from its proximity to a number of employment centers and with our hands-on management we are confident it will further maximize the value of this already great asset.”
Built in 1988, Bexley Apartments enjoys a premier location in the Cobb County submarket, convenient to top employers and major corporate headquarters, as well as retail opportunities. The area’s economic anchors include the Cobb Galleria, Lockheed Martin, Home Depot’s Corporate Call Center, Life University and Southern Poly Tech. The residential community offers large, family-friendly, one, two, and three bedroom homes with private patios and vaulted ceilings on the top floors. Bexley boasts a number of luxury amenities including two swimming pools, a state-of-the-art fitness center, an athletic complex with baseball and soccer fields, a running track, a clubhouse with Wi-Fi access, three picnic areas with grills, two tennis courts, a car care facility, and a number of walking trails and paths.
In addition to Bexley Apartments, theCarroll Organization has acquired over $900 million in multifamily properties located throughout Texas, Florida, Georgia, and Tennessee over the first 10 months of 2013. The company sourced many of its deals “off-market” directly from developers, and is recognized within the brokerage community as a go-to buyer that performs.