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 completed the sale of two properties in its national real estate portfolio: ARIUM Citrus Park, located in Tampa, FL, and ARIUM Pineville in Charlotte, NC. Both properties were purchased as a portfolio in 2013.
"We found two unique investment opportunities when acquiring Citrus Park and Pineville in 2013," said M. Patrick Carroll, Founder and Chief Executive Officer of Carroll Organization. "The acquisitions perfectly fit our strategy of buying in good locations with excellent visibility, with the additional opportunity to increase value through capital improvements. After nearly three years of executing our business plans, our investment team saw an opportunity to sell, producing solid returns for our investors."
Throughout the hold period, Carroll improved net operating income by reducing and controlling expenses, upgrading the amenities and interiors and streamlining management processes. Both properties saw a steady occupancy of 94% throughout the three years under Carroll's management.
To date, Carroll has successfully exited eleven assets valued over $400 million, including these two transactions. The investments have produced an average IRR of 32%. Carroll has purchased twenty-three properties totaling over $1 billion since the beginning of 2015 and is continuing to actively purchase high-quality multifamily communities in the Southeast and Texas. 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.
