Carroll Organization’s Florida Portfolio reaches $1 billion with purchase of 812 units in West Palm Beach
Atlanta, GA — Carroll Organization, one of the country's leading privately-held real estate companies focused on multifamily investment, management and development announced today that it has acquired Resort at Laguna Lakes in West Palm Beach, FL in joint venture with BlueMountain Capital. This multifamily community consists of two separate phases: ARIUM Laguna Lakes, constructed in 2003 houses 416 units while ARIUM Palm Cove, built in 2006 has 396 units. Each will be rebranded and managed as separate entities, both managed by Carroll Management Group.
"We have past experience buying essentially two assets that are marketed as one. We like the range of value creation options these investments present," said M. Patrick Carroll, Founder and Chief Executive Officer of Carroll Organization. "Our strong relationships with institutions like BlueMountain allow us to access the best investments for our investors regardless of transaction size. West Palm has been historically underserved in multifamily developments. The positive momentum of population growth and the market wave in South Florida are projected to increase rapidly and we're excited to grow our Florida portfolio in this market."
The communities have tremendous drive-by visibility, close to 33,000 cars per day. They are located directly off Military Trail which provides north/south thoroughfare and creates convenient access to Palm Beach County's major employers. West Palm Beach has seen significant development and investment over the past year, with the creation of Palm Beach Outlets, a $375M redevelopment of the Rivera Beach marina and the 170,000 square foot Village Commons shopping center, all within 5 miles of the residences.
ARIUM Laguna Lakes and Palm Cove both have their own clubhouse, pools, tennis court, and other grade-A community amenities. Carroll plans to implement a light value-add program with updates to the flooring in each apartment and upgraded appliances.
Carroll continues to be one of the most active multifamily owner/operators in the country. This is the third acquisition of 2015 with the combined value of over $220 million and the company has now exited properties worth over $340 million. In 2014, the company purchased fifteen multifamily properties valued at over $615 million. Carroll sourced many of its deals "off-market" directly from developers and owners, and is recognized within the industry as an owner that executes at each stage of the investment life cycle.
