{"id":1004100823,"date":"2014-07-18T11:34:30","date_gmt":"2014-07-18T19:34:30","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=277329"},"modified":"2025-02-19T05:56:13","modified_gmt":"2025-02-19T13:56:13","slug":"carroll-organization-purchases-memphis-largest-multifamily-community-for-46-5-million-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/carroll-organization-purchases-memphis-largest-multifamily-community-for-46-5-million-2\/","title":{"rendered":"Carroll Organization Purchases Memphis\u2019 Largest Multifamily Community for $46.5 Million"},"content":{"rendered":"

By Liviu Oltean, Associate Editor<\/em><\/p>\n

Carroll Organization has increased its Southeastern footprint with the acquisition of an off-market multifamily portfolio composed of Colonial Village at Inverness in Birmingham, Ala.; Greenbrook in Memphis, Tenn.; and Colonial Village at Charleston Place in Charlotte, N.C. The three assets, totaling some 1,800 apartment units, will be rebranded as ARIUM Inverness, ARIUM Shelby Farms and ARIUM McAlpine Creek respectively.<\/p>\n

\"\"<\/a>Comprising 1,037 apartment units, Greenbrook is Memphis\u2019 largest apartment community. The $46.5 million acquisition of the property was in the market’s largest multifamily deal in 2014, according to the Memphis Business Journal<\/a>. The seller was Memphis-based REIT, MAA, which paid more than $28 million for the property in 1994. The company is planning on implementing a customized value-add program for each asset that will include landscaping improvements, workout facility expansions, structural enhancements, interior redesigns and resident lounge and pool area upgrades.<\/p>\n

“When we think about portfolio construction for our funds, we want to build diversification across multiple dimensions to produce the best risk-adjusted return for our investors. Diversification across markets, value-add business plans, current yields, and hold periods are just a few of the many factors included in our investment model,\u201d said M. Patrick Carroll, founder and CEO of the Carroll Organization.<\/p>\n

Carroll Organization focuses primarily on multifamily prospects, with a current portfolio encompassing about 13,000 units. Headquartered in Atlanta, Carroll maintain regional offices in Houston, Orlando and Miami. The company’s platform includes a property management division that is responsible for 14,000 units, a management group that oversees assets valued in excess of $1.3 billion, and a fund management group that has raised over $400 million in equity.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Atlanta-based Carroll Organization has increased its Southeastern footprint with the acquisition of an off-market, multifamily portfolio composed of Colonial Village at Inverness in Birmingham, Al; Greenbrook in Memphis, TN; and Colonial Village at Charleston Place in Charlotte, NC. The three assets, totaling at approximately 1,800 apartment units, will be rebranded as ARIUM Inverness, ARIUM Shelby Farms, respectively, ARIUM McAlpine Creek.<\/p>\n","protected":false},"author":1158,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[687,1595,1815],"class_list":["post-1004100823","post","type-post","status-publish","format-standard","hentry","category-latest","tag-features","tag-memphis","tag-national"],"acf":[],"yoast_head":"\nCarroll Organization Purchases Memphis\u2019 Largest Multifamily Community for $46.5 Million - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/carroll-organization-purchases-memphis-largest-multifamily-community-for-46-5-million-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Carroll Organization Purchases Memphis\u2019 Largest Multifamily Community for $46.5 Million\" \/>\n<meta property=\"og:description\" content=\"Atlanta-based Carroll Organization has increased its Southeastern footprint with the acquisition of an off-market, multifamily portfolio composed of Colonial Village at Inverness in Birmingham, Al; Greenbrook in Memphis, TN; and Colonial Village at Charleston Place in Charlotte, NC. The three assets, totaling at approximately 1,800 apartment units, will be rebranded as ARIUM Inverness, ARIUM Shelby Farms, respectively, ARIUM McAlpine Creek.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/carroll-organization-purchases-memphis-largest-multifamily-community-for-46-5-million-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-07-18T19:34:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-19T13:56:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/07\/10463973_821577694528386_1234132554876856843_n.png\" \/>\n<meta name=\"author\" content=\"Liviu Oltean\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/carroll-organization-purchases-memphis-largest-multifamily-community-for-46-5-million-2\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/carroll-organization-purchases-memphis-largest-multifamily-community-for-46-5-million-2\\\/\"},\"author\":{\"name\":\"Liviu Oltean\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/a12696609e74785a9cb5f8f7eae8bbd0\"},\"headline\":\"Carroll Organization Purchases Memphis\u2019 Largest Multifamily Community for $46.5 Million\",\"datePublished\":\"2014-07-18T19:34:30+00:00\",\"dateModified\":\"2025-02-19T13:56:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/carroll-organization-purchases-memphis-largest-multifamily-community-for-46-5-million-2\\\/\"},\"wordCount\":275,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/carroll-organization-purchases-memphis-largest-multifamily-community-for-46-5-million-2\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/07\\\/10463973_821577694528386_1234132554876856843_n.png\",\"keywords\":[\"Features\",\"Memphis (No longer used)\",\"National\"],\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/carroll-organization-purchases-memphis-largest-multifamily-community-for-46-5-million-2\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/carroll-organization-purchases-memphis-largest-multifamily-community-for-46-5-million-2\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/carroll-organization-purchases-memphis-largest-multifamily-community-for-46-5-million-2\\\/\",\"name\":\"Carroll Organization Purchases Memphis\u2019 Largest Multifamily Community for $46.5 Million - 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