Carroll Continues Buying Spree with Acquisition of Lansbrook Village in Palm Harbor, FL
Prominent Multifamily Investor/Manager Increases Residential Portfolio In Florida
Atlanta, GA – March 25, 2014 – Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management, and development, continued its shopping spree in Florida, acquiring its 12th major multifamily asset in the state. The Atlanta-based company, in joint venture with Bluerock Real Estate, LLC purchased more than 70% of the units at the 774-unit condominium community, Lansbrook Village, in Palm Harbor, Tampa. This acquisition is the latest signal of the company’s belief in the strength of the housing market in Florida. Carroll Organization will continue to enhance the resident experience at Lansbrook Village through hands-on management and a number of capital improvements.
"Since the national economic downturn in 2008, Florida’s residential market has experienced a major renaissance", said M. Patrick Carroll, Founder and Chief Executive Officer of the Carroll Organization. "It is without question, a key market for us and one that we are targeting for continued investments. Lansbrook is an excellent investment opportunity, due to its attractive location, tremendous value-add potential, and basis below replacement cost."
The acquisition includes 571-units at Lansbrook Village, as well as appurtenant rights arising from the seller’s ownership of the condominiums within the 774-unit community. Located in Palm Harbor, one of the most affluent areas in the Tampa Bay MSA, Lansbrook Village is a best-in-class residential asset featuring concrete block construction, tremendous community amenities and well-appointed unit interiors. Lansbrook Village offers the largest floor plans in the marketplace, and some of the units are upgraded with granite countertops, wood plank flooring, stainless steel appliances and washer/dryers.
In 2013 alone, the Carroll Organization acquired over $1 billion in multifamily properties located throughout Texas, Florida, Georgia and Tennessee. The company sourced many of its deals "off-market" directly from developers, and is recognized within the brokerage community as a go-to buyer that performs.
