Carroll Organization Acquires 526-Unit Lakefront Multifamily Community in Orlando, FL for $40.5 Million
Atlanta, GA — Carroll Organization, one of the country's leading privately-held real estate companies focused on multifamily investment, management, and development has acquired the 526-unit, multifamily property Camden Reserve in Orlando, Florida for $40.5 million. The residential community marks the company's first major acquisition in Orlando, a market that boasts exceptional value and strong fundamentals. Carroll Organization purchased the lakefront apartment complex from Camden Property Trust (NYSE: CPT), one of the largest publicly traded multifamily companies in the United States.
"Camden Reserve presented an excellent investment opportunity, due to its attractive location and historically high occupancy rates," said M. Patrick Carroll, Founder and Chief Executive Officer of the Carroll Organization. "As part of our ongoing value-added investment strategy, we remain focused on identifying these types of multifamily assets, in well-performing markets and in close proximity to major thoroughfares and business centers."
Camden Reserve is a beautiful apartment community boasting 526 homes consisting of well-designed studio, one and two bedroom apartment homes that offer spacious walk-in closets and private patios/balconies. The pet-friendly community includes a resort-style swimming pool, tennis court and fitness center. The beautifully landscaped complex is just minutes from the East/West Expressway, I-4, Orlando International Airport and a number of the most famous theme parks in the world. Its ideal location also affords residents easy access to shopping, top dining, entertainment and recreation venues.
Built in 1990, the complex is currently 95 percent occupied. As part of its value-add strategy, Carroll Organization will oversee a major capital improvement campaign valued at $1.5 million at the residential complex. Upgrades will include the creation of a unique recreational area, given the community's proximity to the picturesque lake, as well as improvements to the common areas, fitness center and home interiors.
During the past 18 months, Carroll Organization has completed over $450 million of multifamily acquisitions and expects to pass the half-billion dollar mark by the end of the second quarter. The company sources many of its deals "off-market" directly from developers, but has also become known within the brokerage community as a go-to buyer that performs.
SOURCE: www.multihousingnews.com (Multi-Housing News)
