By Scott Baltic, Contributing Editor
Atlanta-based Carroll Organization has purchased two adjacent multifamily properties totaling 524 units in the I-75 corridor in Kennesaw, Ga., Carroll announced Wednesday. The financials were not disclosed, nor was the seller, although online information suggests that Bell Properties was the seller.
Enclave, at 3780 Towne Crossing N.W., consists of 200 units and will be rebranded as ARIUM Kennesaw Villas. The units feature 9-foot ceilings and oversized floorplans, which reportedly are some of the largest in the submarket.
Poplar Place, at 3900 George Busbee Parkway, has 324 units on about 27 acres and will be rebranded as ARIUM Kennesaw.
Both are within walking distance of Kennesaw State University, which is essentially across I-75 from them. The location reportedly is also convenient to the Town Center retail hub and several Class A office and industrial developments, including Barrett Business Center, Chapel Creek Industrial Park, Town Park Center, Chastain Center and Chastain Meadows Business Park.
“This deal presented a unique opportunity to acquire two well-performing assets in a high-growth suburban Atlanta location,” M. Patrick Carroll, founder and CEO of Carroll Organization, said in a prepared statement. “With our depth of knowledge in the submarket, we are confident our team can efficiently scale operations at both properties and take each community to its highest potential.”
Each property features a swimming pool, fitness center, laundry facility, clubhouse and tennis court. Both communities will be managed by Carroll Management Group.
Carroll plans to upgrade units at both properties with new black appliances, resurfaced countertops, new plumbing and lighting fixtures, and washer and dryers. In addition, landscaping will be enhanced, a dog park will be installed at each property, and enhancements will be made to the respective fitness centers, pools and clubhouses, a Carroll spokesperson told Commercial Property Executive.
This transaction was the second announced this week in metro Atlanta. On Wednesday, CPE reported on the pending development of a $30 million to $35 million, 140-key high-end boutique hotel in Atlanta’s Old Fourth Ward neighborhood. The project is being undertaken by a JV of Beltway Investment International, Smart Hotels and Hospitality Ventures Management Group.