Carroll Organization adds over 1,400 Apartment Units with Orlando Off-Market Portfolio Purchase
Carroll Organization announced today that it has acquired three properties in an off-market portfolio purchase. Totaling 1,438 units, Carroll purchased La Palazza at MetroWest, The Cottages at Hunter's Creek and Knightsbridge at Stoneybrook. The properties will be rebranded as ARIUM MetroWest and ARIUM Hunter's Creek, respectively, while Knightsbridge will continue to operate under its current name. All three properties will be managed by Carroll Management Group.
"These acquisitions are consistent with our investment strategy to expand in markets that are well-performing and showing consistently high job and population growth," said M. Patrick Carroll, Founder and Chief Executive Officer of Carroll Organization. "We currently own and manage four other properties in Orlando, all of which have been performing exceptionally well. These properties not only enhance our portfolio in Orlando, but give us the opportunity to grow in a market that is poised for continued success."
The Orlando metro area's diverse group of industries, as well as tourism are playing major roles in the employment growth trend happening in Orlando right now. Forbes recently named Orlando as the nation's number one city for job growth and it was named the second fastest growing metro area in the US (US Census Bureau). Each of the communities are also located within distinguished public school systems, all of which are A-rated by the Florida Department of Education.
ARIUM MetroWest is a garden-style community with 510 units, many of which are townhomes. Residents have access to a number of different community amenities, including lake views, two resort-style swimming pools, fitness center, lighted tennis courts and playgrounds. The property is also located within the 1,805-acre community of MetroWest, a mixed-use development that is recognized as one of Orlando's most successful master-planned communities.
ARIUM Hunter's Creek houses 532 colonial style, ground floor entry units. Community amenities include two, single story clubhouses and two pools with spas. The Hunter's Creek area offers a sought after active/family lifestyle. Along with its top rated schools, it includes six parks, an 18-hole golf course and conservation areas.
Knightsbridge at Stoneybrook is a 396-unit community located in Southeast Orlando. Average household income within 1 mile radius of the property exceeds $76.7k, while housing value exceeds $278.9k in the same radius. Knightsbridge is surrounded by major employers like University of Central Florida, Lockheed Martin, Central Florida Research Park and Lake Nona Medical Center.
Carroll purchased twenty properties in 2015 following the acquisition of MetroWest, Hunter's Creek and Knightsbridge. With these transactions, Carroll completed over $875 million in acquisitions in 2015 and will continue to actively purchase high-quality multifamily communities in the Southeast and Texas during 2016. Carroll sourced many of its deals "off-market" directly from developers and owners, and is recognized in the industry as an owner that executes at each state of the investment life cycle.
