Carroll Organization Acquires The Resort at Pembroke Pines in Blockbuster Deal
Privately-Held Multifamily Company Buys Irreplaceable Trophy Property in South Florida;
Ranks Among Largest Apartment Transactions of 2013
Atlanta, GA – June 26, 2013 – Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management, and development, has purchased The Resort at Pembroke Pines, a trophy multifamily asset in a highly desirable location in Broward County, Florida, just north of Miami. Carroll Organization, headquartered in Atlanta, along with investment partner American Property Holdings Corp., a real estate investment company controlled by Prospect Capital Corp. (NASDAQ: PSEC), acquired the 1,520-unit, 190-building, 84.5-acre residential community in an off-market deal. The transaction is among the largest single-asset multifamily acquisitions of 2013. Carroll Organization’s ownership of this trophy multifamily asset follows stewardship by top-tier names in institutional investment, including CBRE Global Investors (the seller), Heitman/CALSTRS, and Waterton Associates.
"This signature transaction is the Carroll Organization’s greatest acquisition to date,” said M. Patrick Carroll, Founder and Chief Executive Officer. “The Resort really takes our portfolio to the next level. It’s a very special, institutional quality asset in this key geographic market. The property simply can’t be duplicated, and our improvement plan will only increase its attractiveness. South Florida has seen a resurgence of demand for quality rentals, and The Resort is extremely well-positioned to capitalize on that trend."
The Resort offers a combination of location, layout, and physical quality that makes it completely unique in its market, and impossible to replicate today. All units are corner units, including one-bedrooms. The low density “villa” style apartments create an appealing environment that new developments can’t match, given land costs and other factors. The sheer size of the property also allows for an impressive list of resident amenities that differentiate the community from rental alternatives in the area, including 24-hour manned courtesy gate at main entrance; two resort-style swimming pools, two kiddie pools, two saunas and four heated spas; tennis and basketballs courts; six outdoor racquetball/handball and sand volleyball courts; state-of-the-art fitness center; barbecue and picnic areas; children’s play room; resident activity center with scheduled weekly activities; gaming room center; and two car wash facilities.
Built in a number of phases from 1986 to 1990, The Resort is situated within the rapidly growing city of Pembroke Pines, a residential community in Broward County that Business Week named the number one place to raise children in the state of Florida in 2010. Pembroke Pines is one of the first suburban towns driving north out of Miami – Dade County, offering the unbeatable combination of easy commuting and a great school system. The Resort is centrally located at the intersection of Pines Boulevard and North Flamingo Road allowing easy access to a number of major employment centers throughout the area including Miramar, Sunrise, Plantation, and downtown Ft. Lauderdale. It’s also just six miles to the South Florida Educational Center that includes five colleges: Nova Southeastern University, a University of Florida extension campus, Florida Atlantic University – Broward, Broward College, and McFatter Technical College. The elementary school is within walking distance of The Resort. Immediately to the north of The Resort, residents can shop at retail stores that occupy over two million square feet of space. Hospitals and medical offices are also nearby.
Physically, the property is in excellent condition. The Resort was constructed with poured concrete, enhancing durability. The previous owners started a program of renovations for unit interiors, which Carroll Organization will continue and complete, bringing the property fully up to date and maximizing its potential. Carroll Organization will also improve common spaces and amenities, including a new fitness center and enhancements to the pool areas, and enrich the resident experience through hands-on management. As part of the company’s rebranding of its entire portfolio under the proprietary name "ARIUM, a Carroll Community,” The Resort at Pembroke Pines will be rebranded as “ARIUM Resort."
Including The Resort, Carroll Organization has acquired over $780 million of apartment communities within the past 18 months, including over $500 million in the first six months of 2013. The company now owns more than 8,000 multifamily units in six states. Carroll Organization is carefully targeting the best multifamily assets in markets demonstrating demand drivers like strong job growth and other positive demographic trends. 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.
