Carroll Organization Completes South Florida 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 San Remo in Fort Lauderdale, FL. This property was initially acquired in April 2014 as a part of Carroll Multifamily Real Estate Fund III, LP.
“South Florida maintains healthy multifamily fundamentals due to its steady job growth and in-migration. Construction and land costs are also rising rapidly, thus limiting the supply of affordable rental housing and creating a favorable dynamic for apartment owners,” said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. “We were able to take advantage of strong organic rent growth over the last three years of ownership, while pushing rent premiums through light value-add renovations on the interiors. We felt it was the right time to sell the property and post strong returns for our investors.”
ARIUM San Remo is a 180-unit community located in Coral Springs, FL. The property includes two and three bedroom townhomes, most of which include one or two car garages. The units have been outfitted with spacious walk-in closets, stainless steel appliances, all electric kitchens, and screened in patios in select units. ARIUM San Remo is within minutes of fabulous shopping centers, fine dining restaurants, recreational parks, and golf courses. The property is also located two miles from the Sawgrass Expressway and fifteen minutes from the Florida Turnpike, two major interstates in South Florida.
To date, Carroll has successfully exited thirty-nine assets valued over $1.8 billion, including this transaction. The investments have produced an average IRR in excess of 30%. In 2017, Carroll has now sold ten properties totaling over $770 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.
