Carroll Organization Acquires Falcon Pines Apartment Community in Thriving East Orlando Submarket
Atlanta-based Multifamily Investment Company Makes Second Purchase in Orlando, FL, Targeting Stellar Location Within Minutes of Major Employers, University of Central Florida Campus, and Retail Destinations
Atlanta, GA – Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management, and development, today announced the acquisition of Falcon Pines, a 300-unit residential property located in the desirable East Orlando submarket of Orlando, FL. The Falcon Pines acquisition is Carroll Organization’s second in Orlando this year, and the company’s sixth in Florida. The Atlanta-based firm will continue to enhance the resident experience at Falcon Pines through hands-on management and capital improvements, and is rebranding the property "ARIUM Falcon Pines" in keeping with the brand identity and values of the company’s rapidly growing national portfolio. Carroll Organization has acquired over $900 million in multifamily properties located throughout the Southeast over the first 11 months of 2013.
"We continue to see great opportunities in selected Florida markets, including Orlando. We were able to acquire Falcon Pines, an outstanding property in a great location, for significantly less than replacement cost, and we see limited new supply on the horizon in this submarket,” said M. Patrick Carroll, Founder and Chief Executive Officer of Carroll Organization. “We expect that Carroll Organization will add significant value to this well-located property through hands-on management and thoughtful upgrades that appeal to our target market."
Falcon Pines is a luxury gated community located in the East Orlando submarket, in close proximity to major economic drivers in the area. The property is situated just minutes from Lake Nona Medical City, University of Central Florida, and the 1,027-acre Central Florida Research Park, which is home to several leading companies such as Boeing, Northrop Grumman, and Raytheon. Also nearby is the popular Waterford Lakes Town Center, offering restaurants and shopping. Downtown Orlando and Orlando International Airport are only 10 miles away. Given this combination of attributes the East Orlando submarket is expected to outperform national averages in occupancy and rent growth in multifamily housing, and Falcon Pines is well-positioned to benefit.
SOURCE: CITIBIZLIST.COM
