Carroll Organization completes sale of 8 property portfolio
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 St. Johns in Jacksonville, FL, the last property remaining in an eight property portfolio acquired by Carroll Co-Invest Fund II, LP and NorthStar Realty Finance Corp. in Spring 2013.
“ARIUM St. Johns represented an opportunity to acquire a well-located asset with convenient access to a variety of employment centers within the Jacksonville market. We felt that the asset presented a compelling proposition 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, as well as light upgrades to the exterior and amenities. Given the strong pricing recently achieved for well-located value-add product in the area, we elected to sell the property after three years of ownership and distributed a strong return to our investors.”
ARIUM St. Johns is a 440-unit complex including newly renovated one, two and three bedroom floorplans. Its amenities include two sparkling lakes with jogging trails, fountains and gazebo, two swimming pools with sun decks, and lighted tennis and sand volleyball courts. The residential community is conveniently located near the St. Johns Town Center, which offers fine dining and shopping destinations. It is also situated a short distance from Jaxport, Route 9A, NAS Mayport, University of North Florida, Jacksonville University, Jacksonville and Neptune Beaches and Jacksonville International Airport.
To date, Carroll has successfully exited twenty-eight assets valued over $1.0 billion, including this transaction. The investments have produced an average IRR of 30%. Carroll has 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.
