Prominent Privately-Held Multifamily Investor/Manager Acquires Indigo Luxury Apartments

 

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 third major multifamily property in Jacksonville, Florida.  The Atlanta-based company purchased the 323-unit Indigo Luxury Apartments from Daniel Corporation. National Property Holdings provided the Carroll Organization with a $10 million investment of equity. This acquisition follows the company’s Jacksonville purchases earlier this year of the Club at Danforth, a 288-unit community on Hodges Blvd in close proximity to Jacksonville Golf and Country Club, and Paddock Club, a 400-unit complex.  Carroll Organization will continue to enhance the resident experience at Indigo through hands-on management and capital improvements, and is rebranding the property "ARIUM Bartram Park" in keeping with the brand identity and values of the company’s rapidly growing national portfolio.

 

"Jacksonville is one of the hottest investment markets in the Southeast and we are extremely bullish on the potential for excellent returns," said M. Patrick Carroll, Founder and Chief Executive Officer of the Carroll Organization.  "Indigo is an exceptional property with terrific upside potential, as the Southside submarket of Jacksonville continues to grow starting with State Road 9B. It is a well-located top-tier asset with excellent curb appeal and access to major employment centers.

 

Indigo Luxury Apartments is an outstanding, Class "AA", garden-style community situated within the award-winning Bartram Park master planned community. The asset is comprised of 21, two and three-story buildings offering residents seven different well-designed floor plans to meet a variety of living requirements. Indigo was constructed in 2007 and boasts a number of luxury amenities including a resort style swimming pool, state-of-the-art fitness center, clubhouse with theater room and poolside screened-in patio with billiards table, spa and lakeside walking trails. Indigo is ideally located in Jacksonville’s Southside submarket, which is characterized by stable job generators and higher income demographics.

 

In addition to Indigo Luxury Apartments, the Carroll Organization has acquired over $900 million in multifamily properties located throughout Texas, Florida, Georgia, North Carolina, 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.