Carroll Shows Hand With Third Jax MF Buy
JACKONSVILLE, FL — Carroll Organization is picking up where it left off in 2013, continuing its multifamily acquisition run. With majority capital from National Property Holdings (NPH), a portfolio company of Prospect Capital Corporation, Carroll has acquired its third major multifamily property in Jacksonville, FL. The Atlanta-based company purchased the 323-unit Indigo Luxury Apartments from Daniel Corporation. NPH infused Carroll with a $10 million equity investment to get the deal done.
Indigo is ideally located in Jacksonville’s Southside submarket, which is characterized by stable job generators and higher income demographics. The multifamily acquisition follows the company’s Jacksonville 2014 purchases of the Club at Danforth, a 288-unit community on Hodges Boulevard that's close to the Jacksonville Golf and Country Club, and Paddock Club, a 400-unit apartment complex.
"Jacksonville is one of the hottest investment markets in the Southeast and we are extremely bullish on the potential for excellent returns," says M. Patrick Carroll, founder and CEO of Carroll. "Indigo is an exceptional property with terrific upside potential, as the Southside submarket of Jacksonville continues to grow starting with State Road 9B. It is a well-located top-tier asset with excellent curb appeal and access to major employment centers."
Indigo Luxury Apartments is a class AA, garden-style multifamily complex within the award-winning Bartram Park master planned community. The multifamily asset offers 21, two- and three-story buildings. Built in 2007, the multifamily community has a resort style swimming pool, fitness center, clubhouse with theater room, poolside screened-in patio with billiards table, spa, and lakeside walking trails.
Carroll will continue to enhance the resident experience at Indigo through hands-on management and capital improvements, and is rebranding the property "ARIUM Bartram Park" in line with the brand identity and values its multifamily portfolio. In addition to Indigo Luxury Apartments, Carroll has acquired more than $900 million in multifamily properties in Texas, Florida, Georgia, North Carolina, and Tennessee in 2013. The company sources many of its deals "off-market" directly from developers, and is recognized within the brokerage community as a go-to buyer that performs.
SOURCE: GLOBEST.COM
