Carroll Organization Produces Strong Returns from Sale of Two Properties in West Palm Beach
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 ARIUM Laguna Lakes and ARIUM Palm Cove in West Palm Beach, FL, two properties which were a part of Carroll Multifamily Real Estate Fund III, LP. Carroll originally purchased the 416-unit and 396-unit communities in March 2015.
"ARIUM Laguna Lakes and ARIUM Palm Cove were originally built as two separate communities with their own amenities and access gates, but when we acquired them, they were operated as one single 812-unit asset. During our ownership period, we had great success in dividing these into two distinct properties, and driving top and bottom-line growth through organic rent increases and proactive management." said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. "While we are still bullish on the Palm Beach County multifamily market, we felt that it was an appropriate time to sell opportunistically and generate great returns for our investors."
ARIUM Laguna Lakes and ARIUM Palm Cove are both Class-A, garden style apartment communities centrally located in West Palm Beach, FL. The properties are situated on N. Military Trail with access to main thoroughfare such as Interstate 95, Florida Turnpike and Okeechobee Blvd providing an easy commute to major employers, shopping and several colleges and universities. Each community has best in class amenities such as resort-style swimming pool, theater, fitness center, indoor basketball court, billiards room, car-care centers, storage units, and outdoor grilling areas.
To date, Carroll has successfully exited twenty-three assets valued over $845 million, including this transaction. The investments have produced an average IRR of 31%. Carroll has purchased thirty-one properties totaling over $1.5 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.
