Carroll Organization Acquires Property in Port St. Lucie, FL
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 acquired Apex Prima Vista, a 320-unit multifamily community in Port St. Lucie, FL, as part of its newest investment vehicle, Carroll Multifamily Real Estate Fund IV, LP. The property will be rebranded as ARIUM Pine Lakes and will also be managed by Carroll Management Group.
“Over the past two years, we have targeted acquisitions along the Florida Research Coast, due to its strong employment base, significant barriers to entry, and high quality of life for its residents. Apex Prima Vista stands to benefit from Port St. Lucie’s solid multifamily fundamentals, while presenting additional upside through amenity and interior renovations,” said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. “We have tremendous confidence in our team’s ability to execute our value-add business plan, building upon our success in the submarket and Southeast Florida as a whole.”
Carroll has now purchased thirty-two 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.
