CARROLL Completes Sale of Five-Property Multifamily Portfolio
Atlanta, GA – CARROLL, a national real estate investment company, announced today that it has completed the sale of a five-property multifamily portfolio totaling ~1,700 units across Florida, North Carolina, and Texas. The portfolio was initially acquired over a two-year period as a part of Carroll Multifamily Real Estate Fund IV, LP and Carroll Multifamily Real Estate Fund V, LP. The portfolio has been and will continue to be managed by CARROLL.
“We acquired these properties in several transactions from 2016-2017 and were able to curate a sizable and diversified portfolio of high-quality suburban assets, all featuring 9-foot ceilings, in some of the highest growth MSAs of the Southeast - Orlando, Charlotte, and Dallas-Ft Worth,” said M. Patrick Carroll, Chief Executive Officer of CARROLL. “We were fortunate enough to successfully exit the portfolio while retaining management to complete the proven value-add renovation program on these deals.”
ARIUM Maitland Summit is a 272-unit community located in the Maitland area of Orlando, FL. The property offers a variety of amenities including a fully-equipped fitness center, swimming pool and spa, fire pit, outdoor picnic area, and newly renovated business center. The community’s location is convenient to 429 and I-4 offering easy access to Altamonte Mall, RDV, and downtown Orlando. In addition, the Maitland area is a major regional employer and retail hub.
ARIUM Windermere is a 447-unit gated apartment community located in the Windermere area of Orlando, FL. The community is within minutes of 408 and the Florida Turnpike offering easy access to Orlando’s theme parks, Downtown Orlando, and the Orlando International Airport. Most of the buildings in the community are two-story walk-ups. This feature along with large unit sizes averaging 1,100 square feet offers residents a true town-home feel. The Windermere area is known for its excellent schools, proximity to major employers, and abundant retail.
ARIUM Alafaya Trail is a 253-unit community in Orlando, FL with amenities including gated access, swimming pool, fitness center and yoga studio, theater room, and available garages. The property is located in Oviedo which includes a network of community parks and recreational lakes as well as outstanding public schools. It is also in close proximity to some of Orlando’s largest employers including University of Central Florida, the Central Florida Research Park, Siemens headquarters, and Lockheed Martin.
ARIUM Lake Norman is a 312-unit gated community located in Charlotte, NC within the Huntersville/Lake Norman submarket. The apartment homes are surrounded by ponds and greenspace and boast desirable interior features such as full-size washer/dryers, 9-foot ceilings, and oversized closets. The property is located less than ½ mile from I-77, offering excellent accessibility for residents to travel into downtown Charlotte and the surrounding employment centers.
ARIUM Cliffside is a 400-unit gated community in Arlington, TX. The property is closely located to excellent schools, parks, top-notch restaurants, and entertainment venues. It is also just a short drive from major employment drivers and amenities such as DFW Airport, UT Arlington, AT&T Stadium, and Globe Life Park. The apartment homes offer premier features such as garden tubs, walk-in closets, and private garages.
To date, CARROLL has successfully exited seventy-seven assets valued over $3.7 billion, including this transaction. The investments have produced an average IRR of 27%. To date in 2019, CARROLL has now sold seventeen properties valued at approximately $1 billion. CARROLL is continuing to actively acquire high-quality multifamily communities in the Southeast, Southwest, Mountain West, 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.