Carroll Organization Completes Sale of Four Multifamily Properties Across Southeast
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 four multifamily properties from their investment vehicle Carroll Co-Invest II Fund, LP along with investment partner NorthStar Realty Finance Corp. The portfolio includes ARIUM Danforth in Jacksonville, FL, ARIUM Grand Lagoon in Panama City, FL, ARIUM Links in Savannah, GA and ARIUM Parkside in Murfreesboro, TN. Carroll originally purchased these communities in April 2013.
“We felt good about the value and growth proposition that the basis and rents presented, and we knew we could increase value through amenity and interior renovations,” said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. “Our team was able to successfully implement our business plan, significantly increasing the value of each asset. After three years of ownership, we decided to sell the portfolio and realize the value we created, providing strong returns to our investors.”
ARIUM Danforth reflects Jacksonville living at its finest. The 288-unit community is in close proximity to Windsor Parke Golf Club, a premier 18-hole Arthur Hills championship golf course that has been named one of the top 100 courses in Florida.
ARIUM Grand Lagoon is an apartment community consisting of 200 homes located adjacent to Patronis Elementary, the highest rated school in the area. The complex includes two-story residential buildings with townhome-style units.
ARIUM Parkside is a beautifully-landscaped 278-unit garden-style community located in Murfreesboro, one of Nashville’s most sought-after and healthiest residential submarkets. The community is also near Nashville’s legendary entertainment district, The Avenue Murfreesboro, and Middle Tennessee State University.
To date, Carroll has successfully exited twenty-seven assets valued over $985 million, including these transactions. 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.
