CARROLL grows Atlanta portfolio

CARROLL has acquired Hannover Grand at Sandy Springs in Atlanta.

The property is the second acquisition for CARROLL’s latest vehicle, Carroll Multifamily Venture VI. The property will be managed by CARROLL and rebranded as Chattahoochee Ridge Apartments by ARIUM.

“Hannover Grand holds an unparalleled rental position as one of the only garden-style properties with 9-foot ceilings along the Roswell Road corridor in the dynamic City of Sandy Springs, and also features unique access to the Chattahoochee River and related amenities,” said M. Patrick Carroll, CEO of CARROLL. “Our business plan contemplates a light renovation to the unit interiors and amenities to close the rental gap to new construction and renovated comps in the submarket.”

Hannover Grand at Sandy Springs is a 358-unit gated community located in one of Atlanta’s most dynamic and evolving suburban submarkets. The area represents one of the largest employment centers in the Southeast with 33 million square feet of office space. The garden-style community’s location along the GA-400 corridor offers walkability to a grocery store–anchored shopping center, access to the Chattahoochee River, and close proximity to downtown Roswell. The Hannover’s amenities include a resort-style pool with grilling station, 24-hour fitness and cardio center, tennis courts with lights, clubhouse with business center, and resident lounge with coffee bar. The apartment homes feature 9-ft ceilings with crown molding, gourmet kitchens with stainless steel appliances, walk-in and oversized closets, and attached garages in select units.

CARROLL has now purchased 11 properties totaling more than $575 million in 2019 and is continuing to actively purchase high-quality multifamily communities in the Southeast, Southwest, Mountain West and other strategic target markets across the country. CARROLL sources many of its deals off-market directly from developers and owners.