ATLANTA, GA – Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management, and development announced the first closing for its sixth investment vehicle, Carroll Multifamily Venture VI, L.P. with an expected total size of $150 million. This sixth vehicle will be its largest ever, surpassing its $60 million in the fifth vehicle. The investor base consists of institutional investors, including public and private pension plans and renowned financial institutions. With the utilization of debt and co-investments from institutional partners, the vehicle has the capacity to buy over $5 billion in apartment investments.

Carroll Multifamily Venture VI, L.P. will focus on generating attractive risk-adjusted returns by acquiring cash-flowing multifamily properties in markets with strong fundamentals in the Southeast, Southwest, Mountain and Mid-Atlantic regions, as well as other strategic markets around the country. Carroll Organization will leverage its relationships, resources and operating platform to buy value-add and core-plus properties with opportunities to enhance cash flows through improved management and capital investment.

“Carroll Organization is well-positioned to deploy capital and take advantage of attractive opportunities due to our extensive experience, relationships and market knowledge. Our value proposition is to provide institutional investors with these compelling direct investments, and we remain bullish about the significant opportunities offered in the multifamily real estate market,” said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. “We are grateful to our investors for their commitment to our latest venture. This is a fantastic milestone for our company, as it shows confidence in Carroll Organization’s investment strategy, management team and operating platform, as well as the acknowledgement of our strong track record.”

Carroll Multifamily Venture VI, L.P. is Carroll Organization’s second time raising an investment vehicle with institutional capital. This new, larger institutional vehicle provides Carroll Organization the additional capital necessary to make larger equity commitments and to continue to successfully grow its institutional joint venture investment strategy. The vehicle will target core-plus and value-add multifamily properties of varying ages and building types with a focus on finding affordability and value within each segment. Carroll Organization plans to continue to source many of its deals “off-market” directly from developers and owners.

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ATLANTA, GA – Providence Real Estate, a multifamily owner-operator, announced the completion of the acquisition of the Sundance Creek apartments in McDonough, Georgia, located within the Atlanta metropolitan area. The Property was bought in a joint venture with a global insurance and investment company that has been in operation for over a century.

Sundance Creek is a 232-unit suburban garden-style townhome apartment community built in 2004. The property is comprised of 26 two-tale townhome buildings, 24 detached garages and 32 storage units located on 15.4 acres.

Sundance Creek offers residents quick access to the expanding warehouse and logistics employers in the corridor from McDonough to Locust Grove. Key distribution operations in the area such as Home Depot, Georgia-Pacific and Goya foods, as well as significant distribution campuses that are being plotted in the area, are anticipated to drive demand for renovated, workforce rental housing that Sundance Creek plans to offer to residents.

“As the Internet continues to disrupt the nature of retail sales, our workforce residents are increasingly employed in logistical-related industries rather than on retail sales floors. Correspondently, the preferred location for many renters is shifting away from centers of retail to centers of logistics. Providence’s acquisition of Sundance Creek is a direct result of its location near logistical employers, and our desire to better serve our workforce renter as their centers of employment evolve in an on-line economy,” said Alan Pollack, Providence’s Chairman.

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AUGUSTA, GA – Passco Companies, a privately held California-based commercial real estate company that specializes in acquisition, development, and property and asset management throughout the U.S., has bought Grand Oaks at Crane Creek, a 300-unit, fully stabilized Class A apartment community in Augusta, Georgia. Passco bought the asset directly from the property’s developer, Southeastern Development Associates, for a total consideration of $58 million.  

The property, which was completed in 2016, is distinctly Class A, including luxury amenities and finishes such as granite countertops, stainless steel appliances, faux wood flooring, and a contemporary resident amenity package.

“This is a proven asset that has demonstrated impressive pent-up demand for luxury housing in the Augusta market,” says Colin Gillis, Vice President of Acquisitions East at Passco Companies.  “Driven by sound market fundamentals and an affluent resident base, the property is well-aligned with Passco’s continued investment strategy, through which we buy strong-performing assets in secondary markets with robust in-place growth drivers.”

The Augusta market is uniquely positioned for continued growth, according to Gillis, who points to the relocation of the U.S. Army Cyber Command – the country’s headquarters for cyberspace operations, development, and training – from Alexandria, Virginia to Fort Gordon in Augusta as a driving force behind local economic expansion.

“Driven by a cyber boom and tremendous capital investment into this new military hub, this market is slated to add 7,000+ new military and civilian jobs, with an annual economic impact of $150+ million,” says Gillis, who also notes that Augusta is projected to be the #1 growth market in the state of Georgia in 2019.

Grand Oaks at Crane Creek also benefits from its exceptional location, according to Gillis. The property is walkable to a newly developed 50,000 square-foot Class A retail center anchored by high-end organic grocer, Sprouts.  The asset is in close proximity to Interstates 20 and 520, and is a two-minute drive from the 750,000 square-foot Augusta Exchange shopping center – one of the largest retail centers in the region.

“By acquiring an asset in the center of this vibrant activity that is already equipped with modern amenities and a strong renter base, we are able to do on proven strategies to deliver additional value to residents while improving efficiency and increasing NOI,” says Gillis.
Passco plans to implement a series of eco-friendly upgrades to the property, including new LED lighting, low-flow toilets and showerheads, and Nest thermostats. The company will also add washers and dryers to each unit.

Grand Oaks at Crane Creek already offers a host of competitive community amenities, including a pet wash station and dog park; a 24/7 fitness center with high-tech cardio stations, a spin room, and a yoga studio; a resort style saltwater pool with a sundeck and a pool pavilion with outdoor kitchen and grilling areas; controlled access gates; shuffleboard; a cybercafe and Wi-Fi enabled amenity areas; as well as several courtyards with fireplaces. Grand Oaks at Crane Creek is located at 680 Crane Creek Drive in Augusta, Georgia. 

Mark Senn, President of Southeastern, the developer and seller of the luxury apartment community, clarifies: “We were not necessarily keen to sell this exceptional property. It took us several years to buy the 35-acre, best-in-market development site, located within walking distance to several restaurants and retail with fantastic interstate visibility.”

He also notes that of the approximately 1,000 units that Southeastern develops each year, this is the first in Augusta, where the firm is based.

John Lee, Jr., Senior Vice President of Southeastern adds: “We chose to sell this asset to Passco based on our long relationship with their team and their diligent and respectful pursuit to buy this community. Our Vice President Chris Senn and Colin Gillis at Passco were instrumental in spearheading this transaction. It has been a very smooth and professional process.” 

Coinciding with the acquisition of Grand Oaks, Passco has just sold The Glen at Alexander, a 216-unit multifamily community in Augusta that the firm bought in 2012. 

“During our seven-year hold period, the Passco team made tremendous value in this asset, making this a well-timed sale that will deliver strong disposition proceeds,” says Gillis. “We remain focused on our investments in this market, and look forward to achieving similar success with Grand Oaks.”

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