Carroll Betting Heavy in Florida Multifamily
ATLANTA—Continuing its end of the year multifamily acquisition rip, Carroll Organization has grabbed yet another apartment Florida community. The commercial real estate investor is once again focusing on Orlando.
Carroll purchased Bala Sands, a 298-unit multifamily property. Bala Sands is Carroll’s third Orlando buy this year. The company last week entered the East Orlando market for the first time and earlier this week made its debut in the Tampa, FL market. All told, Bala Sands is Carroll’s ninth multifamily buy in Florida this year.
"Bala Sands is an exceptional asset located in the heart of Orlando with tremendous upside potential through amenity and interior renovations," says M. Patrick Carroll, founder and CEO of Carroll. "This acquisition—our third in Orlando in 2013—speaks to our business plan to target desirable multifamily assets in well-performing markets and in close proximity to major thoroughfares and business centers."
Built in 2002, Bala Sands is a garden-style multifamily community in Florida’s Southwest Orange County with frontage and visibility along Colonial Drive and East-West Expressway. Recognized as one of Humphreys & Partners Architecture’s first "big-house" designs in Central Florida, Bala Sands offers 40 two-story buildings within 29 landscaped acres.
The multifamily complex consists of one, two and three-bedroom homes, each with an attached, direct entry garage to offer the feeling of a single family home while being part of a larger community. Along with a main clubhouse, Bala Sands has two resort-style community pools, professionally landscaped courtyards, 24-hour fitness center, an entertainment facility, and a fully-equipped business center.
Carroll plans to continue enhancing the resident experience through hands-on management and thoughtful amenity and interior renovations. Carroll is rebranding the property "ARIUM Bala Sands" to match the naming of its other properties. Including Bala Sands, Carroll has completed nearly $1 billion of multifamily acquisitions throughout the Southeast over the first 11 months of 2013.
The multifamily complex consists of one, two and three-bedroom homes, each with an attached, direct entry garage to offer the feeling of a single family home while being part of a larger community. Along with a main clubhouse, Bala Sands has two resort-style community pools, professionally landscaped courtyards, 24-hour fitness center, an entertainment facility, and a fully-equipped business center.
Carroll plans to continue enhancing the resident experience through hands-on management and thoughtful amenity and interior renovations. Carroll is rebranding the property “ARIUM Bala Sands” to match the naming of its other properties. Including Bala Sands, Carroll has completed nearly $1 billion of multifamily acquisitions throughout the Southeast over the first 11 months of 2013.
SOURCE: GLOBEST.COM
