Carroll Organization and Goldman Sachs Asset Management Acquire Mixed-Use Residential & Retail Complex in Tampa, Florida
Prominent Multifamily Investor/Manager Expands Tampa Portfolio with Purchase of West Park Village
Atlanta, GA – Carroll Organization, one of the country’s leading privately-held real estate companies, expanded its footprint in Tampa, Florida with the acquisition of West Park Village, a mixed-use multifamily and retail complex located in the heart of Hillsborough County. Carroll Organization acquired the asset with joint venture partner AIMS Real Estate, a business unit within Goldman Sachs Asset Management. The asset is ideally located just 10 minutes north of Westshore, Tampa’s largest office market, and minutes from a number of high-profile shopping and entertainment destinations. In addition to its attractive location, the property also offers excellent value-add potential. The acquisition also marks Carroll’s 14th major purchase in Florida.
“When evaluating an asset, location is one of the most important aspects. Part of our past success has been the ability to buy quality properties within walking distance of the retail amenities people value like grocery stores, coffee shops, restaurants, and entertainment. We’ve had tremendous experience with properties that are in close proximity to retail amenities, as walkability helps drive demand, which in turn drives occupancy and rent growth,” said M. Patrick Carroll, Founder and CEO of the Carroll Organization.
Built in 2004, West Park Village is a 617-unit multifamily community boasting over 40,000 square feet of prime retail currently occupied by Starbuck’s, a YMCA Express, and dining concepts including Irish 31 and Catch Twenty Three. The property also serves as the center of Westchase, an upscale master-planned community characterized by top schools, family-friendly parks, and many venues for outdoor activities. West Park Village offers large one, two, and three-bedroom homes averaging 1,230 square feet. Amenities include resort style pool, kids’ pool, business center with conference room, 24-hour poolside fitness center, and a number of BBQ and picnic areas. Carroll Organization will continue to enhance the resident experience at West Park Village through hands-on management and a number of capital improvements.
In 2013 alone, the Carroll Organization acquired over $1 billion in multifamily properties located throughout Texas, Florida, Georgia and Tennessee. Carroll continues to be one of the most active buyers in the country; in 2014, the company has purchased four multifamily properties valued at over $225 million. 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.
