Carroll Organization Makes Off-Market Purchase to Acquire Fifth Orlando Community
Atlanta, GA — Carroll Organization announced today that it has acquired Century Palms, a 252-unit apartment community located in Orlando, FL, in joint venture with Bluerock Residential Growth REIT, Inc. Following Carroll's ARIUM brand, Century Palms will be rebranded as ARIUM Palms at World Gateway and managed by Carroll Management Group.
"Orlando continues to be one of the strongest multifamily markets in the Southeast and our current properties have benefitted greatly from these trends," said M. Patrick Carroll, Founder and Chief Executive Officer of Carroll Organization. "Century Palms presented us with an opportunity to acquire an asset in a great market and utilize our local knowledge and expertise to create value for our residents and investors."
Century Palms is located less than 1.5 miles from both Interstate 4 and the Central Florida Greenway. The Central Florida Greenway provides access to major employers and services such as Lake Nona Medical City and Orlando International Airport. The property is also located five minutes from the beginning of Walt Disney World. Disney is Orlando's largest employer providing jobs to over 69,000 people. Other nearby employment drivers include SeaWorld, Universal Studios, Florida Hospital Celebration Health, Lockheed Martin and Darden Restaurants. Carroll plans to implement a light value add business plan, including interior upgrades, installing washers/dryers in each unit and exterior and amenity enhancements.
The purchase of Century Palms is the tenth multifamily acquisition for Carroll in 2015. With this transaction, Carroll has completed over $420 million in acquisitions this year and continues to actively purchase high-quality multifamily communities in the Southeast and Texas. Carroll sourced many of its deals "off-market" directly from developers and owners, and is recognized in the industry as an owner that executes at each stage of the investment life cycle.
