Carroll Organization’s Expansion Continues with 15th Florida Multifamily Acquisition Since April 2013
Multifamily Investor/Manager Acquires Aventine at Town Center in Jacksonville, FL in Off-Market Transaction.
Atlanta, GA — In an off-market transaction, Carroll Organization, one of the country's leading privately-held real estate companies focused on multifamily investment, management, and development, acquired its 15th major multifamily asset in Florida. The Atlanta-based company purchased the 320-unit residential community Aventine at Town Center in Jacksonville, FL. This acquisition increases the company's southeast assets, where it has completed over $1.2 billion of transactions over the past 18 months. Carroll Organization will continue to enhance the resident experience at Aventine at Town Center through hands-on management and a number of capital improvements. The property will be rebranded "ARIUM Town Center" in keeping with the brand identity and values of the company's rapidly growing national portfolio.
"Location is a critical element of any investment. Aventine has all of the core components that make a location desirable for our residents: accessibility to top retail, close proximity to quality employers, and easy access to main transportation thoroughfares. When you combine the prime location with a solid value-add strategy, we know both our residents and investors will benefit," said M. Patrick Carroll, Founder and Chief Executive Officer of the Carroll Organization.
Built in 1997, Aventine at Town Center boasts spacious one, two and three-bedroom homes. The residential community is directly across from the corporate offices of Blue Cross Blue Shield, JP Morgan Chase and Merrill Lynch, three of Jacksonville's largest businesses. It is also walking distance to St. Johns Town Center, the top retail center in the city. St. Johns Town Center is a luxury outdoor shopping complex with 1.5 million square feet of retail space housing 150 trendy shops and top restaurants. Aventine at Town Center offers residents numerous activities such as fishing and kayaking on the lake and relaxing in the modern clubhouse. The clubhouse is home to a professional business center and conference room, where residents are welcome to conduct meetings. Outside the clubhouse is a resort-style swimming pool surrounded by a bright sundeck. Parking is abundant; in addition to 644 parking spaces, some three-bedroom homes offer attached garages. Free wireless Internet service is available throughout the property.
Carroll continues to be one of the most active buyers in the country. So far in 2014 the company has purchased five multifamily properties valued at over $260 million. The company sourced many of its deals "off-market" directly from developers and owners, and is recognized within the brokerage community as a go-to buyer that performs.
