Carroll Enters Tampa, Charlotte With MF Buys
TAMPA, FL— After closing on an East Orlando multifamily asset last week, Carroll Organization has shifted its focus to Tampa, FL and Charlotte. Carroll has grabbed three multifamily properties in Florida and North Carolina from Camden Property Trust. Carroll now owns and operates 11 multifamily properties in Florida and North Carolina. But these were the firm’s first acquisitions in Tampa and Charlotte.
The multifamily portfolio includes Camden Bay Pointe and Camden Citrus Park in Tampa, as well as Camden Habersham in Charlotte. Carroll will rebrand the multifamily properties ARIUM Bay Point, ARIUM Citrus Park, and ARIUM Pineville in keeping with the brand identity of its growing national portfolio.
"The properties in the Camden portfolio are situated in markets with exceptional fundamentals and growth, and in areas we have been targeting over the past year," says M. Patrick Carroll, founder and CEO of Carroll. "These acquisitions perfectly fit our strategy of buying good locations with excellent visibility, and the additional opportunity to increase value through capital improvements, and interior renovations."
Built in two phases—272 units in 1984 and 96 units in 1988—Camden Bay Pointe is an institutional-quality, multifamily property in the heart of the Westshore submarket on Memorial Highway. That location offers quick access to the Tampa International Airport, the Westshore business district, and International Plaza mall. The garden-style apartment community offers 29, two-story buildings.
The second Tampa property is Citrus Park, a 247-unit multifamily community built in 1985. Similar to Camden Bay Pointe, Citrus Park is located close to large employment centers, such as the Westshore office submarket, the Tampa CBD, and the Tampa International Airport.
Finally, Camden Habersham is a 240-unit multifamily property in South Charlotte. Camden Habersham is an institutionally maintained property close to major thoroughfares. The asset offers access to significant employment and retail centers at Ballantyne, Pineville, Ayrsley, and SouthPark. The multifamily complex offers 240 units spread throughout 11, three-story buildings.
Carroll has acquired nearly $1 billion dollars in multifamily properties located throughout Texas, Florida, Georgia, North Carolina, and Tennessee over the first 11 months of 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.
SOURCE: GLOBEST.COM
