ATLANTA, GA - Carroll Organization in joint venture with AIMS Real Estate, a business unit within Goldman Sachs Asset Management, announced today that it has acquired Chelsea Ridge in Johns Creek, Georgia. Chelsea Ridge, a 396-unit apartment community located in one of Atlanta’s premier suburban submarkets, will be rebranded as ARIUM Johns Creek and will be managed by Carroll Management Group.
“Chelsea Ridge is a great addition to our existing Georgia portfolio. The future growth trend on the north side of Atlanta is exciting and Johns Creek is driving a large part of it,” said M. Patrick Carroll, Founder and Chief Executive Officer of Carroll Organization. “This is the third deal we have completed with Goldman Sachs this year and we are excited to be partnering with them again. We see a tremendous amount of opportunity in the core plus space which aligns well with Goldman’s strategy. Chelsea Ridge meets all the criteria we look for in an investment: great location, Class A product, quality schools and employment growth.”
Johns Creek is a growing region that is well-known for its major employment hub, Technology Park; the office park consists of 5.8 million square feet and houses several industry leading technology-oriented firms. The firms include Alcon, Inc., CIBA Vision, Macy’s Systems & Technology, SAIA and State Farm Insurance. There are currently no new apartment developments under construction or approved for Johns Creek, which in result creates exceptional supply/demand conditions for existing properties. Average household income within a one mile radius of the community exceeds $145K, while average housing values exceed $450K. Chelsea Ridge is located on 35 acres that include a nature path with bridges, a dog park, two pools, and a tennis and volleyball court. Carroll plans to implement exterior and interior enhancements including painting the property, expanding the fitness center, updating the second pool and resurfacing the tennis courts.
The purchase of Chelsea Ridge is the seventh multifamily acquisition for Carroll in 2015. With this transaction, Carroll has completed over $318 million in acquisitions and continues to actively purchase high-quality multifamily communities in the Southeast and Texas. Carroll sourced many of its deals “off-market” directly from developers and owners, and is recognized in the industry as an owner that executes at each stage of the investment life cycle.
About Carroll Organization: Carroll Organization is among the leading privately-held real estate companies in the United States. Founded in 2004 and based in Atlanta, Carroll Organization focuses on multifamily properties, including acquisitions, property and asset management services, and fund management. The firm provides investment vehicles for a broad range of investors to access the multifamily real estate asset class and has raised over $680 million of equity through Carroll Organization sponsored funds and joint ventures. Carroll has successfully purchased and developed over $2 billion of real estate. Carroll Organization's regional offices are located in Houston and Miami. Today, the company manages approximately 18,000 multifamily units in six states and has purchased other multifamily owner/operators throughout the U.S. The firm has also developed student housing, single-family residential and retail properties, and has overseen $50 million of construction management for both its owned and fee partners. From due diligence to execution, Carroll Organization has the internal capabilities and the external relationships to identify, underwrite, and close transactions. For more info, visit www.CarrollOrganization.com.
About Goldman Sachs Asset Management: Goldman Sachs Asset Management is the asset management arm of The Goldman Sachs Group, Inc. (NYSE: GS), which oversees $1.02 trillion in assets under supervision as of March 31, 2015. Goldman Sachs Asset Management has been providing discretionary investment advisory services since 1988 and has investment professionals in all major financial centers around the world. The company offers investment strategies across a broad range of asset classes to institutional and individual clients globally. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.