The sale of two Atlanta-area gated, garden-style apartment complexes drove a strong second quarter of 2021 for CARROLL, the Atlanta-based real estate investment company.
M Patrick Carroll, the company’s founder and chief executive officer, reported that the sales come after several years of value-added investments and careful analysis.
Carroll also noted that the growth in suburban residential real estate like the two Atlanta area complexes is a great opportunity for developers and investors looking to leverage the latest trends.
Sales Spur Strong Q2 Numbers for CARROLL
The premier apartment community sales are part of CARROLL’s longstanding focus on residential real estate in the southeastern United States. Carroll predicts the sales are an indication of what’s expected to be strong returns for the remainder of 2021 and in the coming years.
Both properties sold in the second quarter are located near some of the Atlanta area’s largest employment centers and feature strong schools and access to the area’s extensive highway network.
Here’s more about the two complexes.
- ARIUM Station 29. With 217 apartment units, this central Tucker, Georgia, complex sits on the eastern side of Northlake, one of the region’s fastest-growing office submarkets. The 19.5 million square feet of office space in Northlake has attracted businesses of all sizes and industry types. It’s also close to popular entertainment venues, restaurants, and shopping options and is near some of the most frequently used expressways, including I-285, I-75, and I-85.
- Arium Dunwoody. With a strong public school system and located just two miles from Central Perimeter, the Atlanta area’s largest office submarket, Arium Dunwoody is an ideal destination for those seeking suburban apartment living. The 227 apartments in the community are inside I-285 and close to GA-400.
CARROLL held both properties for two and a half years, during which time the company reported strong performance that exceeded company expectations. During its ownership, CARROLL also made extensive value-added improvements to the property’s interiors and exteriors, amenities designed to attract tenants in the competitive Atlanta housing market.
M Patrick Carroll reported the company is expected to close on additional transactions during the next few months.
A Suburban Migration
M Patrick Carroll sees a shift in demand for residential properties towards the suburbs. It’s analogous to the shift he saw in the wake of the Great Recession. Then, many people flocked to urban living options, attracted by the convenience, proximity to major employers, and access to great dining and cultural options.
Now, the demand is headed in the opposite direction. The shift is partly due to COVID-19, which has seen urban areas as a hotbed of viral outbreaks. Suburban living offers more space and, in an era of hybrid or remote work, the feasibility to work from home.
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That means real estate developers, property owners, and investors need to consider providing amenities that will attract those looking to relocate.
Those amenities should start with living units that are equipped with in-unit work areas that allow for functionality and privacy. Strong Internet and wireless connectivity is a must both in units and common areas, too. Adding amenities that are attractive to singles, young couples, or families with young children are a must, Carroll noted.
About M Patrick Carroll
M Patrick Carroll founded CARROLL in 2004 at the age of 24. Today, it is one of the nation’s most successful real estate investment and management companies, with more than $2.7 billion in acquired equity and $12 billion in aggregate real estate developed, purchased, or sold.