Carroll Reveals Plans for Trophy Multifamily Buy

FORT LAUDERDALE, FL—In one of the largest single-asset multifamily acquisitions of 2013, Carroll Organization is continuing its Southeast multifamily acquisition streak in Pembroke Pines. The privately-held real estate company has snapped up The Resort at Pembroke Pines, a trophy multifamily asset in a highly desirable location in Broward County, for $225 million.

Atlanta-based Carroll acquired the multifamily complex in a joint venture with investment partner American Property Holdings Corp., a real estate investment company controlled by Prospect Capital Corp., in an off-market deal. The Resort is a 1,520-unit, 190-building on 84.5 acres. Built in a number of phases from 1986 to 1990, all multifamily units are corner units, including one-bedrooms.