Carroll Org. Buys Four M-F Assets for $103M
- May 07, 2013
Carroll Organization continues its shopping spree across the Southeast with the recent acquisition of four apartment communities for $102.5 million. The group of properties adds 1,126 units to the real estate company’s fast-growing portfolio.
In Jacksonville, Fla., Carroll purchased the Club at Danforth, a 288-unit property that is presently 96 percent leased. The company picked up another asset in the Sunshine State, the 200-residence Harbour Green, which boasts an occupancy level of 96 percent. The 360-unit Links at Georgetown in Savannah, Ga., is also part of the newly acquired collection, as is the 278-unit Vintage at the Parke in Murfreesboro, Tenn. Links and Vintage have respective leasing levels of 92 percent and 96 percent.
“All four properties are situated in markets with exceptional market fundamentals and provided Carroll Organization with a great investment opportunity,” M. Patrick Carroll, founder and CEO of Carroll, said in a prepared statement. “This acquisition is parallel with our strategy of buying in good locations with excellent visibility, and the additional opportunity to increase value.”
Carroll will submit the assets to capital improvements and will further enhance value through its tried-and-true marketing strategies. The properties will also be renamed to reflect the company’s ARIUM brand.
Carroll has already had quite a busy second quarter. In April, it acquired two metropolitan Atlanta multi-family properties for $46 million; an Orlando asset with a price tag of $40.5 million; and two properties in Houston. The company has shelled out approximately $500 million on purchases over the last 18 months.