The Cascade at Morgan Falls and The Fountains at Morgan Falls, neighboring Sandy Springs apartment communities, were part of a $220 million purchase of three multifamily communities by an Atlanta-based real estate investment and management company.
The Sandy Springs communities will be combined and were renamed as ARIUM Morgan Falls by the new owner, CARROLL. Also part of the purchase was The Columns at Bentley Manor in Marietta.
The Sandy Springs properties are garden-style communities with 1,180 total units.
ARIUM Morgan Falls is located at 8085 and 8075 Adair Lane, off Roswell Road in the North End, where the city is attempting to spark redevelopment.
The new owner will spend more than $30 million in the properties to overhaul exteriors, amenities and unit interiors, it said in a press release.
“At CARROLL, we believe in the long-term demand for each of these locations due to their relative affordability, proximity to local freeways and employment hubs, good schools, and the fundamentals of Atlanta’s strong, diversified economy, which has been highlighted by its resiliency through the pandemic,” said Casey Barber, CARROLL’s vice president of investments, said in the release.