Carroll Organization Expands South Florida Footprint with 400-Unit Acquisition
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 The Palms at Sawgrass Mills in Fort Lauderdale, FL. The property will be a part of Carroll Multifamily Real Estate Fund V, LP. and will be rebranded under the “ARIUM” name and managed by Carroll Management Group. Carroll Organization acquired the property as part of a joint venture with PCCP, LLC a real estate finance and investment management firm focused on commercial real estate debt and equity investments.
"Palms at Sawgrass Mills benefits from an A+ location in Sunrise with proximity to abundant employment and retail, as well as highly-rated public schools. It also features a unique low-density setting with excellent bones for an interior and amenity renovation program," said M. Patrick Carroll, Founder and Chief Executive Officer of Carroll Organization. "We are excited to execute on our business plan with the goal of narrowing the rent gap to our Class A competitive set."
The Palms at Sawgrass Mill is a 400-unit, garden community located in Sunrise, FL, a suburb of Fort Lauderdale. The gated community boasts two resort-style swimming pools, community lake, private movie theater, dog park, and private tennis and basketball courts. Individual homes offer high-end features such as elegant crown molding, beautiful plank flooring, soaring tray ceilings, oversized walk-in closets, and large garden-style tubs. The property is ideally located near the Sawgrass Mills Mall, the 2nd largest mall in South Florida. In addition, The Palms at Sawgrass Mill is walkable to two grocery-store anchored retail locations, award-winning restaurants and entertainment, and is zoned for an A-rated elementary school.
Carroll has now purchased thirty properties totaling over $1.5 billion since 2018 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.