Carroll Organization Posts Win with Orlando Sale
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 completed the sale of ARIUM MetroWest and ARIUM Hunter’s Creek in Orlando, Fl. These properties were both originally acquired in December 2015 as a part of both Carroll Multifamily Real Estate Fund III and Carroll Multifamily Real Estate Fund IV.
“Orlando has experienced some of the best multifamily fundamentals in the country due to its high rate of job and population growth, diversifying economy, and minimal supply additions relative to new jobs. Carroll Organization has had a significant presence in Orlando for several years, but we are now seeing a flood of institutional equity coming to the market, fueling robust investment activity,” said M. Patrick Carroll, Chief Operating Officer of Carroll Organization. “These two properties have performed exceptionally well under Carroll Management Group, but given the strong pricing we were able to achieve, we made the decision to sell after nearly two years of ownership and post an excellent return for our investors.”
ARIUM MetroWest is a garden-style community with 510-units, many of which are townhomes. The community is situated on Turkey Lake and is adjacent to Veranda Park and MetroWest Golf Club. Residents have access to several different community amenities, including two resort-style swimming pools, fitness center with an interactive spin and yoga room, and private Floridian fishing pier. The property’s location provides easy access to I-4, the 408, and the Florida Turnpike.
ARIUM Hunter’s Creek houses 532 colonial style units. Community amenities include two clubhouses, resort style pool, outdoor kitchen, billiards tables, fitness center, and indoor basketball courts. The Hunter’s Creek area offers a sought after active/family lifestyle. Along with its top-rated schools, championship golf, fabulous shopping, and fine dining, the community is also conveniently located near major highways such as I-4, State Rd. 528, and the Florida Turnpike and is just minutes from Orlando’s theme parks.
To date, Carroll has successfully exited thirty-seven assets valued over $1.7 billion, including this transaction. The investments have produced an average IRR in excess of 30%. In 2017, Carroll has now sold eight properties totaling over $675 million and purchased twelve properties totaling over $620 million. Carroll Organization is continuing to actively acquire 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.
