Carroll Organization Enters 2016 with Addition of Two Southwest Florida Properties
Atlanta, GA — Carroll Organization announced today that in joint venture with Bluerock Residential Growth REIT, Inc., it has acquired two properties currently managed by Carroll Management Group in an off-market portfolio purchase. Carroll purchased Citation Club on Palmer Ranch in Sarasota, FL and Summerwind Apartments in Naples, FL. The properties will be rebranded as ARIUM on Palmer Ranch and ARIUM Gulfshore, respectively.
"Each of these assets are in excellent supply constrained locations with below market rents, which provides an excellent value add opportunity for Carroll to significantly renovate the assets and capture high rental premiums, said M. Patrick Carroll, Founder and Chief Executive Officer of Carroll Organization. "We are looking forward to seeing both of these properties perform in the years to come."
Both properties are located in submarkets that are continually driven by their high quality of life, affluence of residents, favorable climate and warm weather, and business-friendly environments. ARIUM Gulfshore, in Naples is located just two miles east of the Waldorf-Astoria on Clam Bay and Clam Pass Park nature preserve and beach. Residents also have excellent access to a number of different retail and entertainment options. The Census Bureau ranked Collier County 10th in the nation in population growth and the County is projected to grow by 20.4% by 2023.
ARIUM on Palmer Ranch is located in one of the most desired submarkets of Sarasota. Palmer Ranch is known for its excellent demographics, great schools, expansive single-family homes, golf courses and abundant retail. Out of the 120 markets ranked by Axiometrics nationally, North Port-Sarasota-Bradenton, FL Metro Area was 12th for quarterly effective rent growth, and 11th for annual effective rent growth for 3Q15.
These are the first two purchases for Carroll in 2016. Carroll has purchased 22 properties since the beginning of 2015 totaling over $1 billion in acquisitions. Carroll will continue to actively purchase high-quality multifamily communities in the Southeast and Texas throughout the year. 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.
