Carroll Organization Sells 1000+ Unit Apartment Community in Memphis

  • Thursday, January 11, 2018


Atlanta, GA – Carroll Organization, one of the country's leading privately-held real estate companies focused on multifamily investment, management, and development announced today that it completed the sale of ARIUM Shelby Farms in Memphis, TN. This property was initially acquired in July 2014 as a part of Carroll Multifamily Real Estate Fund III, LP.


"ARIUM Shelby Farms was an attractive opportunity because the size of the property offered immediate scale in the Memphis market, and it also fit well with our strategy of acquiring well-located workforce housing in the Southeast," said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. "The Investments and Operations teams did an exceptional job of executing our business plan and achieved solid organic rent growth during our ownership. However, after a 3.5-year hold period, we made the decision to sell and post a win for our Fund III investors."


ARIUM Shelby Farms is a 1,037-unit apartment community surrounded by 105-acres of beautiful trees, stocked lakes, and serene walking paths. The units boast many desirable features including private patios, breakfast bars, open living space and full-size washer/dryers. The property's location provides easy access to I-40, I-240, great shopping and fine dining. It is just minutes from Wolfchase Galleria, IKEA, Overton Square and Midtown. ARIUM Shelby Farms is located in the most prestigious school district in Memphis.


To date, Carroll has successfully exited forty-one assets valued over $1.9 billion, including this transaction. The investments have produced an average IRR of 30%. Since the beginning of 2017, Carroll has sold twelve properties totaling over $825 million and purchased forty properties totaling over $1.6 billion. Carroll Organization is continuing to actively acquire high-quality multifamily communities in the Southeast and Southwest, and other strategic target markets across the country. Carroll sourced many of its deals "off-market" directly from developers and owners, and is recognized in the industry as a best in class renovator and operator.