JACKSONVILLE, FL—Carroll Organization isn’t missing a beat executing its multifamily acquisition strategy. The company partnered with NorthStar Realty Finance Corp. to snap up its second major multifamily property in Jacksonville, FL within the past two months.
After buying Club at Danforth in May, the joint venture has purchased Paddock Club. The deal marks Carroll’s 10th acquisition in 2013 and gives the firm more than 1,000 units in the Jacksonville and Savannah areas and 10,000-plus in across six states.
“Jacksonville has recovered significantly to become a target market for investment,” says M. Patrick Carroll, founder and CEO of Carroll. “Like Club at Danforth, which we acquired last month, the Paddock Club is a well-located top-tier asset with excellent curb appeal and access to major employment centers, as well as the additional opportunity to increase value through capital improvements and marketing strategies.”
Built in three phases from 1990 to 1997, Paddock Club offers one, two, and three-bedroom multifamily units near the St. Johns Town Center. The multifamily community is near Jaxport, Route 9A, NAS Mayport, University of North Florida, Jacksonville University, Jacksonville and Neptune Beaches, and Jacksonville International Airport.
Carroll Organization is planning a major capital improvement campaign at the community valued at $4,000 per unit, which will include upgrades to the interiors, new appliances and countertops, landscaping and a refresh of all common areas. As part of the company’s rebranding of its entire portfolio under the proprietary name ARIUM, a Carroll Community, Paddock Club will be rebranded as ARIUM St. Johns.
During the past 18 months, Carroll Organization has inked more than $550 million of multifamily acquisitions. The company sources many of its deals “off-market” directly from owners and developers.