Carroll Organization Makes Eleventh Major Residential Purchase in Florida
Atlanta, GA – Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management, and development, with majority capital from National Property Holdings ("NPH"), a portfolio company of Prospect Capital Corporation (NASDAQ: PSEC), has acquired its eleventh major multifamily asset in the state of Florida in a little under a year. The Atlanta-based company purchased the 204-unit Island Club at Atlantic Beach, with National Property Holdings providing the Carroll Organization with a $4.6 million investment of equity. This acquisition is yet another indication of the company’s belief in the strength of the housing market in Florida. Carroll Organization will continue to enhance the resident experience at Island Club through hands-on management and a number of capital improvements, and is rebranding the property "ARIUM Atlantic Beach" in keeping with the brand identity and values of the company’s rapidly growing national portfolio.
"We are extremely bullish on the residential market in Florida that has come back with a vengeance after the housing collapse a few years ago," said M. Patrick Carroll, Founder and Chief Executive Officer of the Carroll Organization. "Island Club provided us with the ideal opportunity to expand our rapidly growing portfolio in the region and own yet another exceptional asset with great upside potential."
Originally built in 1988 and substantially renovated between 2006 and 2010, Island Club at Atlantic Beach is located in Jacksonville’s Duval County and is just a mile west of the Atlantic Ocean and in close proximity to the Atlantic Boulevard major thoroughfare offering access to Downtown Jacksonville (10 miles from the property). The community consists of a clubhouse and 27, two-story residential buildings offering one-two and three-bedroom homes. The apartments boast new appliances, flooring, plumbing, fixtures and cabinetry. Select homes have vaulted ceilings, fireplaces and solariums. Among the many high-end amenities at the complex are a clubhouse, pet-friendly "bark" park, sand volleyball court, pristine swimming pool, picnic areas, children’s playground and a 24-hour fitness center.
The Carroll Organization acquired $1 billion in multifamily properties located throughout Texas, Florida, Georgia, and Tennessee in 2013. 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.
