Carroll Organization and Goldman Sachs Partnership Extends with Purchase of Trophy Jacksonville Community
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 5 Thousand Town in Jacksonville, FL in joint venture with AIMS Real Estate, a business unit within Goldman Sachs Asset Management. This modern luxury apartment community was completed in 2013 and houses 130 high-end apartment homes. As a Carroll Community, 5 Thousand Town will be managed by Carroll Management Group.
"The acquisition of 5 Thousand Town fits perfectly into our existing Jacksonville portfolio. We know the market well and our local market expertise will help us create value." said M. Patrick Carroll, Founder and Chief Executive Officer of Carroll Organization. "5 Thousand exemplifies our strategy to continually purchase high quality assets in strong, high growth submarkets. We are excited to partner with Goldman Sachs on another great investment. The property will benefit from the positive growth trend we're seeing across the broader Florida region."
5 Thousand Town is notably one of the premier communities in Jacksonville and provides the city's true live-work-play environment. Each individual apartment home offers condo-level finishes, expansive unit sizes and an amenity package suitable for those residents looking for a sophisticated lifestyle. 5 Thousand Town is immersed in the center of Jacksonville's Southside submarket, the strongest office/employment area and highest paying jobs. The Mayo Clinic, Blue Cross Blue Shield, Bank of America, Merrill Lynch, St. Vincent's Medical Center Southside and the University of North Florida are a sample of the large employers in close proximity. Retail and restaurant space make up a 15.1 million square foot area within five miles of the property. St. Johns Town Center, the most affluent shopping center in Jacksonville, is steps from the community as well.
Carroll continues to be one of the most active multifamily owner/operators in the country. This is the fifth acquisition of 2015 with the combined value of over $245 million and the company has now exited properties worth over $340 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.
