Carroll Organization Completes Sale of ARIUM Bay Pointe in Tampa
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 the apartment community ARIUM Bay Pointe in Tampa, FL. Carroll originally purchased this 368-unit property in November 2013.
"ARIUM Bay Pointe represented an opportunity to acquire a centrally-located asset with tremendous potential for both organic rent growth, as well as value-add upside" said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. "The business plan was to drive revenue by matching neighboring rent premiums through an interior upgrade program, while benefiting from a central location and positive macroeconomic trends in the Tampa market. Given the strong pricing recently achieved for well-located value-add product in the area, we elected to sell the asset after almost three years of ownership and distributed significant profit to our investors."
ARIUM Bay Pointe is a garden-style apartment community located in the heart of the Westshore submarket on Memorial Highway. This unique multifamily property offers seven different floor plans to suite all resident lifestyles. The amenities at ARIUM Bay Pointe are unmatched and include 2 clubhouses, 2 resort-style swimming pools, and picnic areas with grills. Other amenities on the property include a fitness center, car wash facility, a resident lounge, laundry facilities, lighted tennis courts, several on-site ponds, tropical landscaping, and valet trash pickup service.
ARIUM Bay Pointe's location offers quick access to the Tampa International Airport, the Westshore business district, and International Plaza mall, Tampa's premier upscale retail shopping venue. The community is also in close proximity to several colleges, including the University of South Florida and University of Tampa.
To date, Carroll has successfully exited twenty assets valued over $680 million, including this transaction. The investments have produced an average IRR of 30%. Carroll has purchased twenty-eight 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, and other strategic target markets across the country. Carroll sourced many of its deals "off-market" directly from developers and owners, and is recognized in the industry as a best in class renovator and operator.
