Carroll Organization Grows Orlando Footprint
The company’s fifth local acquisition in the last year, ARIUM Bala Sands is in a top-ranked school district and offers some of its submarket's largest units.
Carroll Organization has acquired ARIUM Bala Sands, a 298-unit garden style lakefront apartment community in Orlando, Fla., on behalf of its newest investment vehicle, Carroll Multifamily Real Estate Fund IV, LP.
"We look to acquire high-quality suburban assets that are priced below replacement cost in submarkets with limited new supply," Josh Champion, the Carroll Organization’s president and COO, told MHN on Tuesday. "The property has some of the largest floor plans in the submarket, and each unit has an attached garage so it truly feels like a townhouse community."
Located at 8008 Balasands Blvd., ARIUM Bala Sands was built in 2003 on a 36-acre site. The average unit size is 1,097 square feet, marking some of the largest floor plans in the submarket. All units feature attached garages, nine-foot ceilings, full-size washers and dryers, walk-in closets, crown molding, and built-in bookshelves.
Community amenities at the pet-friendly property include a fitness center, cyber café and a swimming pool with spa.
ARIUM Bala Sands is located within the highly regarded Windermere School District, which includes three schools that are A-rated by the Florida Department of Education. The property is minutes from downtown Orlando, Walt Disney World and Universal Studios.
“The property is a well-located asset that is in close proximity to downtown and major hospitals, within a great school district,” Champion said.
The deal marks the company’s fifth acquisition in the Orlando area in the last year. According to Carroll Organization research, Orlando boasts one of the nation’s strongest multifamily markets and is a leader in both employment growth and population growth. Last year it was the No. 1 market for job creation in the U.S. and ranked fifth in rent growth.
The Carroll Organization has purchased 28 properties totaling over $1.2 billion since the beginning of 2015 and is continuing to actively purchase high-quality multifamily communities in the Southeast and Southwest.
SOURCE: MULTIHOUSINGNEWS.COM
