Carroll Organization Makes Second Major Multifamily Acquisition in Jacksonville, FL
Prominent Privately-Held Multifamily Investor/Manager acquires 440-Unit Paddock Club; Will Invest $4,000/unit in Capital Improvements
Atlanta, GA – Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management, and development, along with investment partner NorthStar Realty Finance Corp. has acquired its second major multifamily property in Jacksonville, FL within the past two months. This acquisition follows the company’s purchase last month of Club at Danforth, a 288-unit community in close proximity to Windsor Parke Golf Club, Jacksonville Golf and Country Club, and Glen Kernan Golf and Country. Paddock Club is Carroll Organization’s 10th acquisition in 2013, bringing their total unit number to over 1,000 in the Jacksonville and Savannah areas. The company now owns/manages more than 10,000 multifamily units in six states.
“Jacksonville has recovered significantly to become a target market for investment,” said M. Patrick Carroll, Founder and Chief Executive Officer of the Carroll Organization. “Like Club at Danforth, which we acquired last month, the Paddock Club is a well-located top-tier asset with excellent curb appeal and access to major employment centers, as well as the additional opportunity to increase value through capital improvements and marketing strategies.”
Built in three phases from 1990 to 1997, Paddock Club consists of one, two, and three-bedroom homes conveniently located near the St. Johns Town Center, which offers fine dining and shopping destinations. The residential community is also situated a short distance from Jaxport, Route 9A, NAS Mayport, University of North Florida, Jacksonville University, Jacksonville and Neptune Beaches and Jacksonville International Airport. Amenities at the luxury complex include manicured grounds with superb landscaping; two sparkling lakes with jogging trails, fountains and gazebo; two swimming pools with fountain and sun deck; lighted tennis and sand volleyball courts; a state of the art athletic facility with cardio and strength-training equipment; Wolff tanning beds; and two children’s playgrounds.
Carroll Organization is planning a major capital improvement campaign at the community valued at $4,000 per unit, which will include upgrades to the interiors, new appliances and countertops, landscaping and a refresh of all common areas. As part of the company’s rebranding of its entire portfolio under the proprietary name “ARIUM, a Carroll Community,” Paddock Club will be rebranded as “ARIUM St. Johns.”
During the past 18 months, Carroll Organization has completed over $550 million of multifamily acquisitions. The company sources many of its deals “off-market” directly from owners and developers, and has also become known within the brokerage community as a go-to buyer that performs.
