CBRE Investment Management Closes $85 Million Mortgage Loan for 592-Unit Multifamily Community Outside Atlanta
May 10, 2022
A fund sponsored by CBRE Investment Management closed on an $85.3 million mortgage loan to finance CARROLL’s acquisition of the ARIUM Winters Chapel apartment complex in a northeast suburb of Atlanta. The floating-rate loan has an initial term of three years, can extend up to an additional two years, and features future funding to finance the sponsor’s business plan.
Formerly known as Jasmine at Winters Chapel, ARIUM Winters Chapel is a low-density, garden-style property located at 4335 Winters Chapel Road and includes 592 units that offer one-, two- and three-bedroom floorplans. Units feature hardwood-style flooring, resurfaced cabinets, private balconies, tile backsplashes and washer/dryers in select units. Residents also have access to various community amenities that include a fitness center, two swimming pools, a soccer field, picnic and grilling areas, two dog parks, a playground, a clubhouse, a business center and controlled gated access.
“This transaction provided an opportunity to lend to an experienced operator on an asset that has historically performed well. We believe that the new ownership’s operating expertise and planned capital improvements for interior renovations and exterior enhancements will generate significant upside for this asset,” said Charles Kim, Managing Director for CBRE Investment Management.
“We are thrilled to close our first loan with CBRE Investment Management on this transaction and look forward to growing our relationship. This asset will be a great addition to our Atlanta portfolio and we are excited to execute our business plan,” said Casey Barber, Senior Vice President of CARROLL.
Robert Kadoori of CBRE Atlanta’s Debt & Structured Finance team arranged the loan on behalf CARROLL.
ARIUM Winters Chapel is well-located in Doraville, Georgia, close to I-85, I-285 and Buford Highway, providing convenient access to multiple employment hubs in the Atlanta metro area, including Chamblee/Brookhaven, Buckhead, Perimeter Center and the Midtown Atlanta business, arts and entertainment district. Residents of the complex also benefit from its accessibility to several shopping, lifestyle and dining amenities in the area.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $146.8 billion in assets under management* as of March 31, 2022, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2021 revenue). CBRE has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
CARROLL, a privately held real estate company, was founded in 2004. With headquarters in Atlanta, Ga. and regional offices in Dallas-Fort Worth, Raleigh, Denver, Tampa, and New York CARROLL focuses on multifamily communities, including acquisitions, property and asset management services, ground-up development and fund management. The Firm has raised more than $4.2 billion of equity through CARROLL-sponsored funds and joint ventures. CARROLL has successfully purchased, developed, or sold more than $18.2 billion in real estate.
The company manages more than 35,000 multifamily units across eight states representing $9.1 billion in assets under management and has purchased other multifamily owner/operators throughout the U.S. CARROLL has also developed student housing, single-family residential, and retail communities, and has managed more than $500 million in construction projects throughout the past 10 years. From due diligence to execution, CARROLL has the internal capabilities and the external relationships to identify, underwrite, and close transactions.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.