Carroll Organization Acquires Value-Add Portfolio in Orlando
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 a three-property portfolio in Orlando, FL. Key Isle at Windermere, Estates at Maitland Summit, and Tradition at Alafaya will be a part of Carroll’s latest investment vehicle, Carroll Multifamily Real Estate Fund IV, LP. All three properties will be rebranded under the ARIUM name and will be managed by Carroll Management Group. Carroll plans to make renovations to the unit interiors, exteriors, as well as the amenities of all three properties after acquisition.
“This portfolio presented an ideal opportunity for Carroll to grow its existing presence in Orlando. Orlando has been one of the strongest performing markets in Carroll’s portfolio and is among the nation’s leaders in job growth over the past several years, as well as projected job growth over the next three years,” said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. “These three assets are all well-located near major employment centers, and with an average vintage of 2002, the properties are ripe for value add enhancements that will drive returns.”
Key Isle at Windermere is a 447-unit apartment community located in the Windermere area of Orlando. The majority of the buildings in the community are 2-story walk-ups. This feature along with a large average square foot of 1,099 offers tenants a true town-home feel. The Windermere area is known for its excellent schools, proximity to major employers, and abundant retail.
Estates at Maitland Summit is a 272-unit community offering a variety of amenities including a fully-equipped fitness center, beautiful swimming pool and spa, outdoor picnic area, and car wash area. The community’s location is convenient to I-4, local restaurants, and great shopping districts. In addition, the Maitland area is a major regional employer and retail hub.
Tradition at Alafaya is a 253-unit community with amenities including gated access, swimming pool, fitness center, theater room, and available garages. The property is located in Oviedo which includes a network of community parks and recreational lakes as well as outstanding public schools. It is also in close proximity to some of Orlando’s largest employers including University of Central Florida, the Central Florida Research Park, Siemens headquarters, and Lockheed Martin.
Carroll has now purchased eighteen properties totaling over $950 million since the beginning of 2016 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.
