Carroll Organization Acquires Over $1 Billion of Multifamily Properties in 2013
Atlanta, GA— Carroll Organization, one of the country's leading privately-held real estate companies focused on multifamily investment, management, and development, has acquired over $1 billion of multifamily properties located throughout the Southeastern United States in 2013, with the bulk of its acquisitions in Texas, Florida, and Georgia. Carroll Organization now owns more than 11,000 multifamily units in five states. The Atlanta-based firm continues to enhance the resident experience throughout its growing portfolio, applying hands-on management and consistent "ARIUM" branding in keeping with the company's identity and values.
"We truly had a breakout year in 2013 in terms of acquisitions, and we're truly pleased to announce this milestone. In a very short period of time we have been able to build a top-flight multifamily investment platform that is extremely well capitalized and backed by some of the industry's most prominent private investors," said M. Patrick Carroll, Founder and Chief Executive Officer of the Carroll Organization. "Through all the activity, we have kept our focus on acquisitions situated in markets with exceptional fundamentals, excellent job and population growth, and the additional opportunity to increase value through capital improvements and hands-on operations and marketing strategies. We have also selectively expanded our management team to accommodate our growing portfolio. In 2014, we'll continue to seek acquisitions in the Southeast, while also expanding our geographic range to include selected Western markets that show strong economic attributes."
Carroll Organization completed the acquisition of a number of trophy multifamily assets in 2013, including the largest residential deal competed in Florida during the past year. The Resort at Pembroke Pines, a 190-building, 84.5-acre residential community in a highly desirable location in Broward County, Florida, just north of Miami, was acquired by Carroll Organization in a deal reportedly valued at $225 million.
In addition to The Resort, Carroll purchased other major assets including:
- Orlando: Camden Reserve (526 units), Falcon Pines (300 units), Bala Sands (298 units)
- Jacksonville: Paddock Club (440 units), The Club at Danforth (288 units), Indigo (323 units)
- Tampa: Camden Bay Pointe (368 units), Camden Citrus Park (247 units)
- Houston: Limestone Ranch (256 units), Lakeview Lofts (366 units), Waterford on Westheimer (330 units), Villas at Westheimer (330 units)
- Atlanta: Chattahoochee Landing (396 units), Abbey at East Cobb (200 units), Bexley Apartments (494 units)
Carroll Organization continues to rebrand its entire portfolio under the proprietary name "ARIUM, a Carroll Community." ARIUM is Carroll Organization's mark of excellence in ownership and management of apartment communities.
