Venue Apartment Community Acquired by Joint Venture
- Nov 07, 2014
Carroll Organization has recently entered a joint venture with Bluerock Real Estate LLC to acquire Venue, a 306-unit Orlando multifamily property located on Central Florida Parkway, adjacent to John Young Parkway and State Road 528.
Founded in 2004 and based in Atlanta, Carroll is a leading privately-held real estate company focused on multifamily investment, management, and development. One of the most active buyers in the country, it operates regional offices in Houston, Orlando, and Miami. Today, the company manages approximately 16,500 multifamily units in six states. So far in 2014, the company has purchased ten multifamily properties valued at over $463 million. Venue is the 17th major residential asset in their Florida portfolio.
Carroll Organization plans to rebrand the property as ARIUM Grande Lakes. Built in 2005, the community is widely known for its rich amenity package prominent in its submarket. It includes a resort style pool with large sundeck, indoor basketball court, fitness center, business center, dog park, media room, playground, controlled access, BBQ grilling areas, volleyball courts and a putting green. The apartments range from 788 to 1551 square feet and 10 floor plans are available with up to three bedrooms. The location of the property provides easy access to the tourist attractions Orlando houses, including Walt Disney World, Sea World and Universal Studios.
Photo credits: Panther Properties Management