Carroll Organization and Goldman Sachs Asset Management acquire luxury waterfront community on Intracoastal of North Palm Beach
Atlanta, GA — Carroll Organization, one of the country's leading privately-held real estate companies focused on multifamily investment, management, and development, acquired Mariner's Key, a 208-unit residential community with 625 feet of direct Intracoastal Waterway frontage in northeastern Palm Beach County. Carroll Organization acquired the asset with joint venture partner AIMS Real Estate, a business unit within Goldman Sachs Asset Management. The purchase of this property expands Carroll Organization's existing presence in Florida to 16 assets in the state. Carroll Organization will continue to enhance the resident experience and will start its rebranding efforts by changing the name to "Marina Key."
"This is an all-around exceptional asset with a pristine location on the Intracoastal of North Palm Beach", said M. Patrick Carroll, Founder and Chief Executive Officer. "It is one of only six apartment communities located directly on the water in the tri-county area, which provides us with a truly unique and valuable asset to expand our portfolio in the South Florida market."
The property's location is ideal for residents working in the West Palm Beach business district which consists of approximately 6.5 million square feet of office space. Singer Island Beaches, the Jack Nicklaus North Palm Beach Country Club & PGA Golf Course and the West Palm Beach VA Medical Center are also in close proximity. Downtown at the Gardens is just minutes away, providing residents with a variety of upscale shopping and dining options. Carroll will implement a light value add program which will include indoor and outdoor improvements to enhance the overall community experience. This amenity rich property includes a newly-constructed clubhouse, private sandy beach area overlooking the Intracoastal, heated waterfront pool and spa, outdoor kitchen, waterfront fitness center, sauna, his/hers locker rooms with showers, and a 17-slip marina, which is available for tenants to lease.
Carroll continues to be one of the most active buyers in the country. So far in 2014, the company has purchased nine multifamily properties valued at over $400 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.
