Investcorp and Carroll Organization Expand Florida Portfolio with Deerwood Multifamily Acquisition
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 Aqua Deerwood in Jacksonville, FL. The property was acquired in a joint venture with Investcorp and will be rebranded as ARIUM Deerwood and managed by Carroll Management Group.
“Aqua Deerwood is an exciting investment opportunity due to its excellent visibility within one of the best locations in Jacksonville. The property is surrounded by major employers in the Deerwood Office Park and Southside office market, and is also proximate to the St. Johns Town Center, the region’s premier retail destination,” said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. “We were able to acquire the property below replacement cost and plan to complete the proven value-add interior renovation program to increase our strong in-place yield.”
“We are pleased to be closing another transaction with the Carroll Organization and are very optimistic about the near-term growth prospects in Jacksonville,” added Brian Kelley, Managing Director at Investcorp.
Aqua Deerwood is 616-unit garden garden-style apartment community featuring two-story, walkup buildings, and a best in class amenity package which includes five community pools, including an infinity pool with luxury sundeck, a state-of-the-art fitness center, and a three-acre amenity park with a playground, dog park, and outdoor grill areas. The property features a highly-visible location at the intersection of Southside Boulevard and J Turner Boulevard, and is across the street from the 5.2 million square feet Deerwood Office Park. It is also less than 1-mile from St. Johns Town Center, which contains over 4.5 million square feet of Class-A retail and is one of the most visited shopping destinations in Florida.
Carroll has now purchased ten properties totaling over $550 million in 2017 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.
