Carroll Organization Adds Major Multifamily Asset to Growing Florida Portfolio
Prominent Multifamily Investor/Manager Acquires Gables San Remo in Coral Springs, FL
Atlanta, GA – Carroll Organization, one of the country’s leading privately-held real estate companies focused on multifamily investment, management, and development, added another major multifamily asset to its rapidly-growing Florida portfolio. The Atlanta-based company acquired Gables San Remo in Coral Springs, Florida, which marks Carroll’s 13th major multifamily purchase in the state and further demonstrates its commitment to the housing market in Florida. Carroll Organization will continue to enhance the resident experience at Gables San Remo through hands-on management and a number of capital improvements, and is rebranding the property “ARIUM San Remo” in keeping with the brand identity and values of the company’s national portfolio.
"Florida has rebounded exceptionally well since the economic downturn six years ago and is now one of the strongest markets in the country," said M. Patrick Carroll, Founder and Chief Executive Officer of the Carroll Organization. "Gables San Remo provided us with a fantastic investment opportunity, due to its institutional-quality, attractive location and excellent value-add potential."
Built in 1995, Gables San Remo is a 180-unit apartment community offering two- and three-bedroom homes, with nine foot ceilings. Nearly all the townhomes boast direct access garages (48% two-car garages and 49% one-car garages), representing an extremely unique feature for a rental community in the marketplace. Gables San Remo is situated in the heart of Coral Springs, which was rated as the third best city to live in Florida by Money Magazine’s 2012 list of "100 Best Places to Live." The community features numerous amenities including a shimmering pool with deck, state-of-the-art clubhouse and fitness center, 24-hour electronic-gated entrances, picnic area with BBQ grills, luxurious tropical landscaping, valet trash service, tennis courts, and children’s playground.
In 2013 alone, the Carroll Organization acquired over $1 billion in multifamily properties located throughout Texas, Florida, Georgia, and Tennessee. With 2014 underway, Carroll Organization continues to enhance its portfolio with over $100 million in acquisitions and a robust pipeline of investments going into the second quarter. The company sourced many of its deals "off-market" directly from developers, and is recognized within the brokerage community as a go-to buyer that performs.
