Atlanta-based real estate firm CARROLL has acquired the ARIUM Winters Chapel apartment complex, formerly known as Jasmine Winters Chapel, in Doraville.
Financial details of the transaction were not disclosed. A fund sponsored by CBRE Investment Management provided CARROLL with an $85.3 million mortgage loan that included future financing for the company’s business plan. The property was appraised at $42.4 million this year, according to Dekalb County recordings.
“This transaction provided an opportunity to lend to an experienced trader on an asset that has historically performed well,” CBRE Investment Management managing director Charles Kim said in a statement. Press release. “We believe the new owner’s operational expertise and planned capital improvements for interior renovations and exterior upgrades will generate significant benefits for this asset. »
The low-density garden-style community was built in 1989 and is located on 25 acres at 4335 Winters Chapel Road. Its 592 units offer one-, two-, and three-bedroom floor plans with hardwood-style floors, private balconies, and remodeled closets. Community facilities include a fitness center, two swimming pools, soccer field, picnic and grilling areas, two dog parks, playground, clubhouse, and business center.
“This asset will be a great addition to our Atlanta portfolio, and we are excited to execute on our business plan,” said CARROLL Senior Vice President Casey Barber.