Carroll Organization Finalizes Sale of 298-Unit Multi-Family Property 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 completed the sale of ARIUM Bala Sands in Orlando, FL. This property was previously recapitalized from another of Carroll’s joint ventures in September 2016. The property was a part of Carroll Multifamily Real Estate Fund IV, LP and managed by Carroll Management Group.
"ARIUM Bala Sands represented an opportunity to acquire a well-located asset in west Orlando with excellent bones for a value-add renovation program. The property has a distinct advantage of being one of the only assets in the competitive set with nine-foot ceilings and featuring attached garages in all units," said M. Patrick Carroll, Chief Executive Officer of Carroll Organization. "We had tremendous success with our value-add business plan, and given the strong pricing recently achieved for well-located garden product in Orlando, we elected to sell the asset and realize profit for our investors."
"We are pleased to have invested with Carroll Organization in the ARIUM Bala Sands multifamily community. This investment provided the opportunity to invest in a high-quality apartment community at an attractive basis in a market with strong fundamentals. Carroll did an excellent job of executing the business plan, driving rents and enhancing property income through various value-add initiatives, allowing us to realize an attractive return for our investors," added Rob Davies, Partner with The Townsend Group.
ARIUM Bala Sands is a 298-unit lake-front, garden-style apartment community built in 2002 across 36 acres. All units feature attached garages, 9-ft ceilings, open living area, full size washer/dryers, and garden tubs. With its average unit size of 1,097 square feet, Bala Sands features some of the largest floor plans in the submarket. The property is located within the prestigious Windermere School District including three schools which are A-rated by the Florida Department of Education. Bala Sands is also conveniently located only minutes from the 408, the 429, and the Florida turnpike which offers easy access to downtown Orlando, Disney, and Universal Studios, and Orlando International airport.
To date, Carroll has successfully exited sixty-three assets valued over $2.9 billion, including this transaction. The investments have produced an average IRR of 30%. Since 2018, Carroll has now sold twenty-three properties totaling over $1.0 billion and purchased thirty-one properties totaling over $1.6 billion. 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.